The portfolio is concentrated. Not because concentration is inherently virtuous, but because owning thirty mediocre businesses to feel diversified is a tax on returns.

I hold companies that survived their industries' worst decades—the kind where management turnover is measured in decades, not quarters. Luxury goods where scarcity isn't manufactured for earnings calls.

Equity positions are multi-year holds. Options are measured in weeks. The barbell keeps the equity side from over-optimizing and the volatility side from drifting into hope.

No forecasts. No macro calls. Just businesses that compound and vol trades when the market misprices uncertainty.