Going into 2026, I wrote down a first draft of my investment principles. It is a living framework, shaped by my own path: trained as an actuary, educated as a financial economist, and practiced across structured credit and financials investing.
My focus is financial institutions (FIG) across equity, credit, and structured and asset-backed investments. Over time, I expect the framework to extend to financial-adjacent business services, such as brokers, payments, and intermediated platforms, once I understand that ecosystem well.
How I think about investing
- Investing is an optimization problem under uncertainty. Risk premia and capital allocation matter.
- Domain expertise is earned, not read. Real understanding comes from reasoning like an operator, especially in regulated balance-sheet businesses.
- Curiosity and humility are prerequisites, because frameworks must evolve with markets.
How I analyze, before choosing the capital structure
- Governance and incentives
- Industry structure and evolution
- Structural or regulatory change
- Corporate change: balance sheet, strategy, and management
- Business fundamentals and the durability of returns
Only then do I decide whether the asset, the credit, or the equity is the right expression.
Where this shows up today
- Long/short financials equity
- Asset-based and structured credit
- Special situations and opportunistic investments
To be continued. I wish everyone a great 2026.