Principles
Principles That Guide Our Investment Decisions
Methods may change, but principles create discipline. Tortuga Capital’s investment approach is guided by risk awareness, independent thinking, patience, and continuous learning.
Focus on risk first.
Always demand a margin of safety.
We seek a meaningful difference between market price and a conservative appraisal of underlying value. This margin of safety helps reduce, though not eliminate, the risk of permanent capital loss.
Think independently.
Data and reasoning matter more than consensus.
We emphasize rigorous analysis and sound reasoning independent of the consensus reflected in market prices. We believe long-term opportunity can arise when the market materially misjudges a company’s situation.
Be patient.
Think in years, not quarters.
Value recognition can take time. We believe patience is essential when pursuing long-term investment outcomes and avoiding short-term emotional decision-making.
Remain humble students.
Investing rewards broad learning.
We believe serious investors should develop knowledge across finance, accounting, economics, history, psychology, and other fields. Continuous learning supports better judgment over time.