Philosophy

These are the principles behind every decision Menori Capital makes.

• We invest our own capital. There is no outside money, so no one else's timetable decides when we buy or sell.
• We think in decades. We buy to hold. Good businesses compound, and time does most of the work.
• We own businesses, not tickers. A share is part of a real company, and we judge it the way an owner would.
• We pay sensible prices. We want a clear gap between what we pay and what a business is worth.
• We stay within what we understand. Risk, statistics, insurance and the industries our companies work in.
• We borrow little. Debt can force a sale at the worst moment, so we use it sparingly or not at all.
• We do our own research, and publish it. Writing our thinking down, in public, keeps it honest and open to challenge.
• We report plainly. Each annual letter sets our results against the benchmarks, mistakes included.

Businesses we would like to hear about

Profitable, simple to understand, run by honest and capable people, and offered at a sensible price. We aim to be permanent owners, and good managers keep running their business the way they have.

If yours fits, write to us at contact@menoricapital.com.