Our approach
Most of the portfolio is conservative and liquid. A smaller part is invested for the long term.
The Foundation is there to preserve capital and stay liquid. It funds real estate and private deals, so we never have to sell something else to make one.
The Frontier holds a small number of technology companies we expect to own for many years. We keep it small enough that we never need to trade it.
FrontierA small, long-term allocation to technology companies.
FoundationConservative, liquid holdings that fund everything else.
Three rules
Keep cash ready
We hold a real reserve so we can act when a private opportunity comes up.
Hold for years
We buy companies we are comfortable owning through a full cycle, and we rarely trade.
Watch costs and taxes
Low turnover, sensible position sizes and attention to taxes.