The thinking behind the decisions.

My approach centres on a concentrated portfolio of businesses with strong competitive positions, including physical bottlenecks in the digital economy and other growing industries.

Follow the economics.

I look at where value is created, what constrains supply, and which businesses can retain pricing power. The research spans semiconductor production, computing infrastructure and platforms whose products are difficult to replace.

Test the investment case.

A useful argument connects business demand to capacity, spending, margins and cash generation. It also asks what expectations are already reflected in the price. Competitive strength is a reason to investigate; it does not guarantee a good investment return.

Understand concentration.

Concentration increases dependence on a smaller number of investment cases. Different businesses can share exposure to the same spending cycle, customers or financing conditions. Valuation, competition, technological change and execution can all challenge the thesis.

Review results in context.

I use the Nasdaq-100 and S&P 500 as reference points when discussing results. Dated reviews belong to the period they describe. The historical performance section shows dated monthly returns and methodology; the portfolio section is a dated snapshot, not live holdings.