Thirty-three years of research, finally written down.

Mineral Royalties

Revenue on every ounce and every barrel, without drilling a single well. The owner sits above the operating risk.

Airport Ground Leases

Land under infrastructure that cannot move, under contracts measured in decades.

Pipeline Corridors

Rights-of-way that can no longer be permitted, still moving molecules through every cycle.

Timber Acreage

An asset that grows back — biological compounding on land that isn’t being made anymore.

Toll Roads

Structural positions that collect on the movement of everything, maintained by necessity rather than fashion.

Water Rights

The scarcest economic right in the American West. Water flows downhill; the right to it does not expire.

Permanent Capital Allocators

Companies with the discipline to shrink their share count while the world chases growth.

Evergreen · Long-form

Asset Dossiers

Deep research on individual holdings and asset classes — mineral royalties, airport infrastructure, pipeline corridors, timber, land, and permanent capital allocators. Written to be updated for decades, not replaced next quarter.

Quarterly · Essay

The Quarterly Letter

Essay-style commentary built around one major theme and three to five case studies. No price targets. No short-term calls.

Case Studies

Capital Allocation Journals

The quiet compounders — companies that shrink their share count, build balance-sheet fortresses, and let the per-share math do the talking over decades.

When warranted

Regime Memos

Occasional pieces on monetary history, inflation regimes, and the Austrian-school capital structure perspective that informs our asset selection.