Investment Beliefs

1. Cycles matter, predictions don't

2. Know what you don’t know and what you will never know

3. Understand, recognize and manage risk acknowledging that without active risk there is no active return

4. Risk has many dimensions, not just volatility

5. Investors and Institutions create biases that can be actively exploited

6. You can do more with less; Process and focus trump resources

7. An unconventional perspective is a necessary condition to differentiation

8. Invest long term and avoid reacting to market information noise

9. Eliminate conflicts of interest with perfect alignment between manager and investor

10. Learn from the best and remember that creativity is just putting existing concepts together in a new way