Own
Take the position rather than the fee, and keep it.
The office is structured so that nothing forces a sale: permanent capital, no fund life, no redemption calendar, no obligation to return anything on somebody else's schedule. What that buys is not returns. It is the ability to be right slowly.
An exit ends a relationship with an asset. A position continues it — which is why four of the five exits this office has taken since 2021 settled in equity rather than cash, and why that stopped being an accident of negotiation and became the shape of the business.
Ownership is also what makes the record possible. An office that sells cannot publish a register of what happened to its positions, because it stops being the party that knows. Everything on the outcomes page — including the write-offs — exists because nothing was sold to somebody who would then own the story.
Formation is where ownership is decided, before there is anything to own. Who holds what, in which arm, answerable to whom: those are cheap questions on the day an entity is formed and expensive ones in year six.
What it refuses
Advisory income in place of a position — being paid to be right rather than holding the thing you were right about.
The words that govern it
Cited rather than restated — each is a page of its own, and a definition with one home is the difference between a vocabulary and a graph.
Next in the cycle: Reinvest — Everything the estate earns goes back into the estate.