Pumice Capital is built on over a decade of institutional investing experience across public equities, private equity, and venture capital. This diverse background informs a unified investment framework that blends deep analysis, strategic patience, and a focus on business resilience.

We invest with conviction in a highly concentrated portfolio and our process involves deep upfront research, disciplined entry timing, and a long-term mindset. Positions are only exited when the thesis changes in a meaningful way.

“Being prepared, on a few occasions in a lifetime, to act promptly in scale … A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind that loves diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are overwhelmingly favorable…” - Charlie Munger

Our goal

Through this newsletter, we aim to provide transparent insights into the companies we admire and offer a foundation for thoughtful, independent analysis. This includes:

• Why a company exists (what problems are they solving?)

• Industry context and growth potential

• Competitive differentiation and long-term strategic advantages

• What needs to happen to justify valuation

As a subscriber, you will get access to:

• Regular investment research on high quality companies

• Market updates and actionable investment calls

• Access to all previous investment research

Subscribers will be notified when new content comes out, typically once or twice a month.

Why “Pumice”?

The name Pumice reflects the qualities we seek in businesses: durability, adaptability, and the ability to thrive in dynamic environments.

Volcanic Resilience

Pumice forms when gas-rich lava cools rapidly under pressure. It survives violent eruptions and emerges stronger. We look for companies with similar traits - those that can absorb shocks, adapt under stress, and emerge more competitive. These businesses often have strong cultures, disciplined capital allocation, and the ability to pivot without losing strategic focus. Resilience isn’t just about surviving downturns; it’s about using them to build lasting advantage.

Networked Strength

Pumice’s porous, sponge-like structure symbolises the internal architecture we admire in great companies - highly interconnected, modular systems that reinforce each other. These businesses are built with feedback loops, adaptable teams, and scalable infrastructure that allow them to evolve continuously without losing coherence. This internal connectivity creates resilience, accelerates innovation, and strengthens their competitive moat over time.

Buoyant Optionality

With up to 85 percent porosity, pumice floats, sometimes for years, supporting new ecosystems. We seek companies that maintain strategic flexibility and can incubate new growth vectors without jeopardising their core. These businesses often operate with optionality embedded in their structure: latent capabilities, underutilized assets, or adjacent markets they can expand into. Optionality allows them to stay afloat through volatility and seed future growth, even when the path forward is uncertain.

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