Notes from the long view.

Why we never sell

Almost every pool of investment money comes with a clock. It gets raised, deployed, and unwound on a schedule that has nothing to do with how a good company actually grows. And that clock quietly shapes every decision an owner makes — usually for the worse.

Permanent capital takes the clock off the table. When you never have to sell, you can finally focus on the only thing that matters — making the business better, for real, over a very long time.