Cash & Cash Equivalents
Dry Powder
- Highly rated, short-term debt securities that yield recurring interest and provide immediate access to capital
- Serves as a stabilizer during uncertain conditions and as dry powder when bargains appear
FunctionProvides flexibility and ensures liquidity for capital deployment
Diversified Portfolio
Broader stability
- Publicly traded securities diversified across sectors, geographies, and investment factors
- Systematic beta exposure, market cap–weighted benchmark returns, risk-adjusted outcomes
FunctionBroad diversification that stabilizes returns while preserving capital
Concentrated Portfolio
Individual ownership
- Meaningful interests in a handful of high-quality companies, whether privately held or publicly traded
- Designed to drive expected asymmetric returns while maintaining discipline capital allocation
FunctionPotentially superior long-term expected returns than the overall market
Real Estate Properties
cash-flow assets
- Direct ownership of real estate and REITs that generate reliable cash flow and adequate appreciation over time
- Enhances structure through diversification across public and private real estate markets
FunctionRecurring operating cash flow to be redeployed into securities portfolios
