The full track record

The largest single-position return in our backtest. Bought a structurally advantaged travel platform two months before the GFC began. Held through the financial crisis, Brexit, the 2018 tech selloff, and COVID's worst quarters. Sold 13 years later up over 2,600%. Network effects compound when you stay seated.

Bought roughly six months after the IPO when consensus was skeptical about mobile monetization. Held through the 2018 Cambridge Analytica crisis, the 2020 ad-pause, and three Senate hearings. The ad-platform thesis kept playing out. Sold near the metaverse-pivot peak.

Bought near the post-housing-crisis bottom in a quality retailer with structural tailwinds (aging housing stock, durable consumer-spend on home improvement). Held through three sector scares, two interest-rate cycles, and a pandemic. The discipline of patience compounded a 10x position over 12.5 years.

European specialty biotech with a focused TransCon platform. Bought before the first FDA approval. Held through nine years of pipeline progression and three commercial launches. The methodology rewards holding founders through their build cycles.

12-year hold on Halozyme — the rare biotech that compounded steadily rather than binary-eventing. The platform technology kept generating partnership revenue across multiple drug deals. 7.5x return through one of the volatile sector's longest holding periods.

Rhythm Pharmaceuticals — a Phase 3 readout sent the stock 7x in three months. Sold into the post-catalyst strength rather than holding for more. Specialty biotech can produce extreme single-quarter wins; the discipline is in taking them when they come.

Acquired at portfolio inception in 2001 when energy was unfashionable and oil was below $30. Held through a decade of cycles. Sold years before Buffett's high-profile Berkshire stake made the name a household reference. The fundamental conviction on the asset base was independent of the consensus that eventually arrived.

Brunswick (boats and recreation) bought 21 days before the 2009 March bottom. Held through the post-GFC consumer-discretionary recovery. Sold 21 months later up 4x. Buying when others were selling required discipline; sizing it appropriately required process.

Same position window as Market Masters held NVDA. Different methodologies, same conviction, same outcome. The independent thesis generated the same result in both portfolios — useful evidence that the methodology was capturing signal, not noise.

Bought into integrated energy when post-dot-com sentiment had punished the entire sector. Held through the 2008 commodity collapse and the subsequent recovery. The dividend discipline alone compounded meaningfully across the decade-plus hold.