Fractal Capital

The firm invests only when the odds are firmly in its favour, guarding above all against the risk of permanent loss of capital. It challenges conventional wisdom and follows its own independent research. It believes in the power of time and lets investments compound for the long term. A disciplined process helps it stay consistent through market cycles. Every investment must satisfy three tests: Business, meaning a durable, understandable business with a real moat; Management, meaning honest, capable leadership with a strong capital-allocation record; and Valuation, meaning a price that offers a meaningful margin of safety. Risk comes first: capital preservation is placed before return generation, and positions are sized and exits set with downside in mind.