Building for decades
Why the group measures its work in decades rather than quarters, and what that changes about the businesses it starts.
A long horizon is not patience for its own sake. It is a filter. When the question is what this business looks like in fifteen years, a great many opportunities answer themselves — the ones that only work while a trend holds, the ones that need a buyer to appear, the ones that would require us to be someone else.
What survives that filter tends to be unglamorous: a real customer, a margin that holds, an operation that can be improved every year by people who intend to still be here. Those are the businesses we want to own.
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