Patient capital. Frontier intelligence.

We study how exceptional businesses earn, reinvest and sustain their advantages. That understanding shapes our view of value and the price worth paying.

Our approach Latest notes

Chart paper with a fan of possible price paths over a decade, a few in red and green, and one steady line rising along the top of them

Iro is Japanese for colour. Rising share prices appear in red in China and green in the US. These colours give aka and midori their names. Black is for private equity, where deals are done quietly, away from the screen.

Approach

Old discipline, new instruments.

A business is worth the cash it can return to its owners. We examine the competitive position, capital allocation and reinvestment required to sustain that cash over time.

12–20

companies in the model portfolio

5–10

years, the investment horizon

strategies, one discipline

leverage, shorts or derivatives

A few great businesses

A concentrated model portfolio of 12 to 20 companies with durable returns on capital.

ii.

Years, not quarters

A five-to-ten-year horizon. Turnover is a cost, not a strategy.

iii.

Valuation discipline

Each valuation sets out our assumptions about cash generation, reinvestment, share count and the cost of equity.

iv.

Independent scrutiny

An independent review tests the figures, challenges the assumptions and examines the case against the investment.

Strategies

Three colours, one discipline.

赤 In development

aka

China equities

Quality businesses listed in Shanghai, Shenzhen and Hong Kong, examined through a long-term ownership lens.

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緑 Research live

midori

US equities

Quality US businesses, selected through fundamental research and brought together in a concentrated model portfolio.

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黒 Planned

kuro

Private equity

Private businesses assessed for durable earnings, disciplined reinvestment and long-term ownership.

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Research

Latest notes

All research →

31 Oct 2026 midori Initial coverage of Automatic Data Processing (ADP) Hold · fair value $278 Coming midori Initial coverage of Intuit (INTU) In review

Monthly portfolio update

A monthly account of the model portfolio's performance.

Email subscriptions will open at launch.

Better to be roughly right about a few great businesses than precisely wrong about many.

About

Independent and research-first.

Our research connects the financial statements to the economics of the business. Each investment case sets out the drivers of value, the assumptions that matter and the evidence that would change our view.

contact@iroinvestment.com