Public Materials

Temperament

On why the ability to sit still, tolerate uncertainty, and resist the crowd may be the only durable edge in investing.

What to Avoid?

Most investment writing focuses on what to buy. This essay focuses on what to avoid and how to deal with the urge to do something.

The First Ten Years

Stefan reflects on the three main lessons from the first ten years: compounding of knowledge, embracing the obvious, and avoiding complexity.

Unity of Purpose

Stefan discusses how a doctor in rural India gave him a new lens through which he sees businesses: unity of purpose.

Business or a Craft?

Every investment firm reaches a crossroads: scale up with salespeople and specialized products, or focus on honing the craft in pursuit of excellent returns. Our choice has implications on how we invest, who we serve, and how we measure success.

How Was the First Half?

Eighteen months into Highway One Fund’s inception, Stefan discusses why the hardest part of the early years is resisting the urge to go fast.