Businesses, not tickers
We buy companies the way owners do — understanding the model, the unit economics, and the competitive structure before we measure the price.
N° MMXXVIWednesday, June 3, 2026Investor edition
IThe fund
Patient capital,
long horizons.
JBP Capital is a private long-term investment fund. We buy companies as owners, with multi-year horizons, and publish open research on every business we analyze and every position we hold.
jbpcapital.app
Live previewS&P 500 · NYSELive
$5,847.23
▲+24.62(+0.42%)today
Performance · 90 days
1W1M3MYTD1Y
Companies
24
analyzed
Positions
8
in portfolio
Holding
5–10y
avg. horizon
IIThe philosophy
JBP Capital · letter, march 2026Numbers, not narratives.
Open research is our discipline. Before we buy, we write down why.
Every position has to pass a written research piece anyone can read: the thesis, the numbers, the risks. If we can't defend it on a single page, we can't defend it with capital either.
Avg. horizon
5–10 yrspatient compoundingCompanies analyzed
24+since 2024Research
Publicevery thesis openConcentration
8 nameshigh-conviction picksSepOctNovDecJanFebMartoday
Illustrative curve — long-term compoundingIIIOur thesis
Three principles we don't negotiate.A spreadsheet wishes it were this calm.
Three ideas, each simple on its own — deeply useful when stitched together into a disciplined process.
Margin of safety
We pay less than what a business is worth. The patience to wait for fair prices is the only sustainable edge we know of.
Multi-year horizons
We think in 5–10 year blocks, not in quarters. Volatility is the toll we pay for compounding returns.
IVHow we work
From the manager's desk.Built for the three minutes an investor has on a Tuesday.
Thesis first, numbers second, context always. Our research isn't decoration — it's the foundation we use to decide when to buy and when to keep watching.
- 01Thesis written firstWe publish the why before we buy
- 02Open financial modelDCF, sensitivities, assumptions in plain sight
- 03Public trackingFilings read, theses adjusted, mistakes admitted
- 04Disciplined concentrationEight high-conviction names
jbpcapital.app/blog/tesla-q1-2026Open
Research · Tesla · Q1 2026
The long tail of automotive software.
Why we believe today's price discounts only the auto business — and prices the FSD optionality at essentially zero.
Price
$258.94Δ today
−2.15%Stance
BuyHorizon
5y+· Top positions
NVD
NVDA
NVIDIA
27%
TSL
TSLA
Tesla
14%
AAP
AAPL
Apple
10%
MSF
MSFT
Microsoft
9%
VLatest research
Every thesis, open to read.How we think about every position.
See all researchetf
VOO at the 52-week high: trim, don't sell
RSI 87. Price 0.06% from the 52-week high. 1-month ETF flows just turned negative for the first time in months. And 33.7% of the index sits in seven stocks whose Q1 reports are the next two weeks. The cleanest 'be careful here' setup we've seen in the file in months.
equity
Tesla Q1 2026: when the numbers and the narrative tell different stories
Forward P/E of 150x. FCF of $5B against $25B of guided capex. Inventory growing by 50K units in one quarter. And still — Cybercab production starting, robotaxi paid miles doubling, and Optimus moving to manufacturing. How we think about that contradiction.
commodity
Gold, April 2026: a record sell from the West, a record buy from the East
March printed the largest Western gold-ETF outflow on record. Q1 saw the largest Asian inflow on record. Total holdings hit a fresh all-time high. Sell-side targets stayed bullish. Why the consolidation looks more like a handoff than a top.
VIThe team
Two managers, one thesis.Concentrated capital, decisions made in twos.
Leads capital allocation and macro research. Background in product and technology; brought that systemic discipline to the portfolio.
Leads bottom-up analysis: DCF models, filings, thesis tracking. Believes good research is 80% patient reading.
« Join the ledger »Patient capital.
Patient capital.
Open research.
One email every time we publish a new thesis. No spam, no webinar invites — just the research, direct.
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