I grew up getting a dividend — you get paid to live in Alaska — and at some point my parents said to me, “We saved all this money for you. What do you want to do with it?” That’s where my investing career started.
Never buy a modified Ford Bronco, which I did in high school. I think I replaced the transmission two or three times. It taught me how to be a long-term investor because that was a really bad short-term decision.
I’m a value investor to my core.
Success here happens slowly. If it happens too quickly, the universe of things you can invest in shrinks, and we have to start over.
We still have most of our initial investments. One of the first investments that we made in 2010 has been a top performer in the fund.
We often invest with managers early in the life of their fund or franchise. We are looking for partners that are all in. It aligns our interests.
There’s a real shortage of long term capital and a lot of patience premiums to be purchased. Over time, investor behavior has become increasingly short term. I like how we are positioned in this market.
This is my life’s work. I wouldn’t have done it any other way. Heritage is the combination of all my experiences up to this point.