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At a Fair Price
Why a great business bought at any price is not a great investment
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The whole idea, in one line
The Quality Series · part 1 of 13 People sometimes ask me, usually over dinner, what I actually do. The honest answer fits in one line: own shares in a small number of the finest businesses in the world, refuse to overpay for them, and have the patience to let compounding do the work. Each…
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The Most Patient Capital in the World
A sovereign wealth fund is structurally the closest thing on earth to Berkshire Hathaway — permanent capital, no redemptions, a generational horizon. So why does almost none of that capital behave that way?
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It’s Quantitative. It’s Easing. Call It What You Want.
2:35pm, February 5, 2026. Fifty-four views. “Financialisation of the economy (impact on the economy of the wealth effect created by inflating asset prices), kicking the can down the road (no political appetite to curtail fiscal largesse) and killing price discovery (repression via QE) are the main culprits and until they’re addressed meaningfully this vicious downward…
Quality · Macro · Philosophy