Approach
Gravity is a direction, not a path.
It tells you nothing about where a thrown object will be in ten seconds — whether it is still rising, how far it has drifted, how hard it will land. It tells you one thing, reliably: which way, eventually.
We build on that distinction. Over short horizons, markets are unknowable and frequently brutal; over long ones, the aggregate earnings of public companies have compounded. That is a regularity, not a law, and it has never arrived on schedule.
So we do not forecast. We hold no view on any company, sector, or moment. We write rules that are decided in advance, followed without exception, and disclosed in full — so that what we are doing can be examined rather than trusted.
Patience is a structural requirement of that approach, not a virtue attached to it afterward.
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