The Ledger

Statement of Position

As at the close of business · 31 December MMXXVI

Prepared by the firm, for its partners. Stated at cost. Unaudited, and likely to remain so.

Figures in words, where words are the more precise instrument.

Invest

Seldom bought · long held

We invest our own capital, for our own account, over horizons that would embarrass a quarterly chart. We prefer businesses we can explain at dinner and owners we would gladly walk with. We buy seldom, hold long, and sell with reluctance.

Advise

Counsel, when asked

We advise founders and families we already know, when they ask. There is no process, and no invoice for the phone call. Our advice is what we would do with our own money — which, often enough, it is.

Build

Made, when it cannot be bought

Sometimes the thing worth owning does not yet exist. Then we build it, alongside operators who would rather make something than discuss it. Slowly at first, and then properly.

Notes to the Accounts

Forming part of the statement

1. Twenty years is the shortest period over which we are prepared to be judged. We expect to be around for longer.↩
2. Chosen slowly, kept for good. We would sooner decline a fine partner than accept a wrong one.↩
3. Weather notwithstanding.↩
4. A firm that owes nothing can wait for anything. We intend to do a great deal of waiting.↩
5. To Winston, a golden retriever, who taught us that every day is worth the walk. These accounts are kept in his memory.↩

Attestation

Dallas · Dorado · MMXXVI

We have kept these accounts ourselves, by hand and in good faith. They balance. What would not fit in the columns — the weather, the company, the walk — is carried at full value and is not for sale.