We invest for the long term with permanent capital

fram^ seeks to own either all or a stake in businesses that enjoy economics that are unusually robust and enduring; seeking businesses where time is their friend and not their enemy. With our permanent capital structure, we care only about the long term compounding outcomes and not about short term swings. fram^ particularly favors the rare companies that can deploy and redeploy additional capital at high returns, over decades. When we find these rare businesses, we don't mind sitting tight. In short, we look for companies that have products/ services that are essential to the customers' every day, have strong pricing power and has no close substitutes for their products/services. The companies we seek to invest in should be run by able and trustworthy management teams.