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I closed the fund because I had enough money and wanted to do something else. In investing, knowing when to stop is the rarest skill of all.
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Most investors diversify because they don't have conviction. We owned three stocks that made up 80% of the fund because we understood them completely.
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The world rewards businesses that make themselves useful to customers. That is the only investment thesis that never goes out of style.
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The companies that share the benefits of their scale with customers are the ones that will dominate the next century. Costco, Amazon, GEICO — they all figured this out.
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We bought Amazon at $30 because we understood scale economics shared. The price was irrelevant — the flywheel was inevitable.