Expectations
Define what the market already believes before arguing for what it has missed.
Investors
Clarity before consensus.
Concentrated public-market investing shaped by fundamental research, valuation discipline, and a willingness to wait.
Our perspective
Fundamental · Concentrated · Long horizon
Mandate / 01
We invest where price and value have parted company.
Method / 02
The work begins with the strongest version of the opposing case. It ends with a decision rule clear enough to survive volatility.
Valuation
Separate durable value from narrative, then test the margin of safety across multiple outcomes.
Discipline
Write the bear case in full. Set thesis-breaking conditions before capital is committed.
Patience
Own fewer things, know them deeply, and let the underlying economics do the work.
Selected research / 03
Work before conviction.
Investment conclusions are built from primary-source research, scenario analysis, and explicit kill criteria.
Investment committee memorandum · September 2026
Kilroy Realty Corporation
West Coast Class A office and life science, examined through contracted income, replacement cost, and the burden of the bear case.
Independent judgment.
Patient capital.
Dalhus Management · Newport Beach, California