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We invest in growth that depends on two things: a spark and a wave.

The spark is caused by a fundamental change. Technology is the most exciting spark. Other sparks come in the form of new cultural trends, evolving social dynamics, or changes in laws.

The spark represents future potential, but the spark itself is only the beginning of a growth story.

The wave describes the translation of a spark into a widespread phenomenon of persistent growth.

Value is created when a wave persists far longer and far bigger than anyone thinks is possible.

We invest in sparks and waves. We invest in growth.

The Cone of Expectations

For fundamental investors, stock prices represent a demand of future business performance. Those future demands can be demonstrated in reverse DCFs where you solve to a price rather than project an outcome on your own estimates. The same thing can…
6-Minute Read

The Art of Idea Generation

What do writers, painters, musicians, and investors have in common? Each lives and dies on the value of their ideas. Inspiration for the next stanza, the next stroke, the next lyric can be painstakingly difficult to come by. Similarly, the…
3-Minute Read

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We manage equity investment funds across the growth spectrum in public and private markets.

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