How we work

Principles before opportunities.

A short set of rules, kept for a long time.

1

Buy to keep

We do not trade assets. We acquire what we would be content to hold for thirty years and then hold it.

2

One balance sheet

Every property, share and investment sits in one consolidated set of accounts, audited, reviewed once a year by the whole family.

3

No single point of failure

No position, tenant, bank or country is allowed to become large enough to hurt the whole.

4

Debt with a purpose

Borrowing only against income-producing assets, only in the currency of that income, never to speculate.

5

Governance in writing

A shareholders' agreement, a board, minutes. Decisions are recorded so the next generation inherits the reasons as well as the assets.

6

Discretion

We do not publicise holdings, partners or figures. This page is as public as we get.

“Three generations. One line.”

The measure of a holding company is not what it acquires but what it manages not to lose.