Investment Approach
Two distinct disciplines, one consistent philosophy: deploy capital only where conviction is high and time horizon is long.
Capital Markets Strategy
Perma Holdings participates in public equity markets through a systematic, rules-based approach. Positions are sized according to conviction and risk parameters, not momentum or market consensus. The portfolio is built to compound over time, not to maximize near-term returns.
Risk management is not treated as a constraint on the investment process — it is the investment process. Every position begins with a clearly defined downside scenario, and capital is never concentrated beyond what disciplined position sizing allows.
The firm’s edge in public markets is behavioral as much as analytical: the willingness to hold positions through volatility, to avoid activity for its own sake, and to let compounding do its work over a time horizon most participants cannot sustain.
Venture Holdings Philosophy
In private markets, Perma Holdings operates as a long-term holder, not a trader. We take positions in early-stage ventures where we have direct knowledge of the team, the market, and the path to durable value creation. We do not manage a fund and we do not have a deployment mandate.
This means we can afford to be highly selective. We will decline many opportunities before taking one. When we do invest, we invest with the intention of holding for the full duration of the company’s growth trajectory — years or decades, not an exit cycle.
Our venture approach is sector-agnostic. We follow conviction, not themes. The filter is always the same: exceptional founders building something difficult in a market that rewards patience.
Investment Principles
Six rules that govern every capital allocation decision, in both public and private markets.
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Capital preservation precedes capital growth
Risk management is not a tax on returns; it is the source of them. Avoiding large losses compounds as powerfully as generating large gains.
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Time horizon is a competitive advantage
We compete in the one dimension most institutional capital cannot: patience. A ten-year outlook is a structural edge when the market is priced for the next quarter.
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Position sizing is risk management
How much we own matters as much as what we own. Concentration without conviction is speculation. Diversification without selectivity is indexing.
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Conviction must precede capital
We will miss opportunities before we take positions we do not fully understand. Incomplete conviction leads to poor holding behavior at exactly the wrong moments.
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Quality compounds; speculation dissipates
We seek businesses and opportunities with durable structural advantages. We avoid situations where the thesis depends on a single catalytic event or favorable market conditions.
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Venture positions are ownership, not options
We do not trade private positions. We hold them as we hold public equity — indefinitely, until the business has fully realized its potential or the thesis has fundamentally changed.