They say, “imitation is the sincerest form of flattery that mediocrity can pay to greatness”. Perhaps we can alter the phrase to say “[adaptation] is the sincerest form of flattery…” as I’d like to mold a well-known talk Charlie Munger gave on July 20, 1996.

At HHC, we believe that the likely return on invested capital for a business over the next 5–10 years should drive the type of transaction we engage in rather than arrive to the scene with a prescriptive approach.

If you asked a group of business school professors to define “risk”, they would dutifully reply, “beta”. Define “beta”, you may respond.

One can trace the roots of capitalism through family business. Since 718, the same family has operated the Hoshi Ryokan, a Japanese inn.

My goal in founding the firm is to create something new, differentiated, and informed by my 30+ year career in private equity.