A private investment firm.
NorthGate Global Management LLC
How we work
We would rather own a few businesses we have studied closely than many we have only skimmed. Conviction is expressed by position size, not by the length of a list.
Our unit of time is the business cycle, not the quarter. Value tends to be recognised slowly and then all at once; the discipline is in waiting through the first part.
We buy at a discount to our own estimate of worth, or we do not buy. Most of the work is reading, and most of the decisions are to do nothing.