Perspective·February 2026
The Swiss Idea of Capital — Patience as a First Principle
On why our decisions are made in Zug and measured in decades — not in the reflex of quarterly weather.
Read the letterInsights & News
Letters, notes, and quiet observations.
Portfolio Note·January 2026
The Anatolian Thesis — Building Long-Life Businesses in Türkiye
How Hupla, TA Clé Invest and Chasing Rabbit express a single, structured view of durable value creation in the Turkish economy.
Letter·December 2025
The Quiet Holding Company — A Structural Advantage
Why our permanent capital, small perimeter, and disciplined governance are, together, a competitive moat that compounds silently.