An Investor's Reference Library

PortfolioOwner's Manual

A company-by-company reference guide covering every holding — what each business does, how it makes money, where it has an edge, what to watch, and where the risks lie. Written as an objective analytical resource, not portfolio management guidance.

Four Volumes · 50+ Companies
2026 Edition
I
Chapter One
Moonshots & Speculations
Early-stage, pre-commercial, and binary-outcome businesses. Satellite networks, quantum computing, advanced fission, psychedelic medicine, AI infrastructure, and emerging consumer platforms. Characterised by asymmetric upside and meaningful downside risk. Sized as options, not compounders.
14 Holdings
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II
Chapter Two
Small Compounders
Niche businesses with defensible competitive positions, high returns on capital, and long runways for compounding — many operated by founder-managers or serial acquirers following a disciplined playbook. Includes VMS roll-ups, UK industrials, financial services, grid technology, and digital services.
22 Holdings
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III
Chapter Three
Core Growth
Large and mega-cap businesses growing at exceptional rates, riding structural megatrends in AI infrastructure, healthcare innovation, digital platforms, and aerospace recovery. Each holds a near-monopoly or dominant position in its specific layer of the market.
12 Holdings
NVDAAMDAVGOANETTSMGOOGAMZNNOWLLYISRGMRKRR
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IV
Chapter Four
Core Quality
Proven businesses with durable, often irreplaceable competitive positions and decades-long track records of compounding capital at high rates of return. Technology monopolies, exceptional insurers, global luxury and IP platforms, LatAm's dominant digital ecosystem, and best-in-class clinical research.
12 Holdings
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