A note on patient capital
Concentration, conviction, and ignoring the noise.
This is a short letter, not a market forecast.
I stay concentrated. Diversification that dilutes conviction is not risk management — it is avoidance. I would rather own fewer things I understand deeply than many things I can only monitor from a distance.
I stay patient. Liquidity is useful. Forced liquidity is expensive. When a company is executing, I do not need a quarterly narrative to justify holding it.
I stay close. Portfolio companies are not line items. They are people, customers, and operating realities. Attention is the edge.
What you should expect from me
- Clear ownership of what is in the book
- Writing when there is something real to say
- No theater around temporary mark-to-market noise
If you are reading this as a founder, partner, or family: thank you for trusting a long clock.
— Roshan