Welcome to Thomson & French

As this is our first blog post, we will explore timeless principles that have worked over generations. We are not here to reinvent the wheel but to try to emulate the behavior and success of personas throughout history. As Niccolo Machiavelli said, "A wise man ought always to follow the paths beaten by great men, and to imitate those who have been supreme, so that if his ability does not equal theirs, at least it will savor of it."

The following insights have shaped our ethos at Thomson & French:

"A civilization is born stoic and dies epicurean." Will Durant

At Thomson & French, we emphasize disciplined decision-making and resilience for long-term success. We believe family wealth should be grounded in prudence and patience, not in pursuing short-term gains.

"Just as when ample and princely wealth falls to a bad owner, it is squandered in a moment, but wealth, however modest, if entrusted to a good custodian, increases with use, so our lifetime extends amply if you manage it properly." Seneca

We prioritize a close relationship with the family, emphasizing the role of resource management and developing an Investment Policy Statement. Our ultimate objective is to facilitate the management of resources in a way that maximizes their long-term potential.

"Time is compounding’s magic, and its importance can’t be minimized. But the odds of success fall deepest in your favor when you mix a long time horizon with a flexible end date—or an indefinite horizon." Benjamin Graham

We maintain a permanent capital base dedicated to long-term investments. Our goal is to build a self-sustaining portfolio that requires minimal maintenance and can compound over time.

“In 1,000 parallel universes, you want to be wealthy in 999 of them. You don’t want to be wealthy in the fifty of them where you got lucky, so we want to factor luck out of it. I want to live in a way that if my life played out 1,000 times, I am successful 999 times.” Naval Ravikant

We accommodate a range of potential outcomes, acknowledging the world's unpredictability, to remain invested long enough to enjoy the power of compounding. Our emphasis on long-term positioning is the quiet force of our success.

"Invest in preparedness, not in prediction." Nassim Taleb

We don't claim to predict the future. Instead, we maintain a margin of safety by avoiding debt, keeping cash and equivalents readily available, and adhering to a long-term investment outlook.

"I imagine many people could have achieved wisdom if they had not imagined they had already achieved it." Seneca

We are humble and curious.

"It wasn’t brains that made him so rich; it was temperament." Charlie Munger

We remove emotions from the investment process. We developed a systematic approach to investing.

"There are only two types of investors: those who can’t time the markets and those who don’t know they can’t time the markets." Old Saying.

We do not try to time the market. We want time in the market. We are always invested.

"First, Be Lucky. Second, Be Humble." Howard Marks

We understand our position and privilege. Luck has been on our side for generations.

"As humans, we have immense power to shape our lives by choosing where we wish to place our focus, for what we focus on expands.” John Templeton.

We only focus on public equities. We do not invest in bonds, alternatives, real estate, or any other type of assets.

"I read to increase my knowledge. I read to find meaning. I read for a better understanding of others and myself. I read to discover. I read to make my life better. I read to make fewer mistakes." Gautam Baid

We focus on reading and reflection, acting only when necessary. Thoughtful, deliberate action yields the best results.