Long-Duration Equity  ·  Permanent Moats  ·  Scottsdale, Arizona

We own exceptional businesses with permanent competitive advantages.

Investing in What Endures.

Duramen Capital is a concentrated long-only equity fund investing in businesses whose competitive moats have compounded for decades and will continue to compound for decades more. We buy them when the market misprices them. We hold them for as long as the duramen remains intact.

Our philosophy →
10
Concentrated
positions
∞
Target
holding period
20yr
Ownership
test
<15%
Annual
turnover target
Four core beliefs
I
Markets misprice permanent moats
Narrative-driven selloffs create entry points in businesses whose intrinsic value is substantially unchanged. Fear is the source of the discount. Patience is the edge.
II
Time favors the exceptional business
Holding compounders for 10+ years eliminates the need to be right on timing, macro, or market direction. The business does the work; the investor does not interfere.
III
Concentration produces superior returns
Every dollar in the 11th-best idea is a dollar taken from the best idea. We run 8–10 positions. Dilution is the enemy of compounding.
IV
Moat first. Price second.
A business that cannot sustain competitive advantage for 20 years does not belong in the portfolio regardless of how attractive the price appears today.
The Name

The heartwood that never decays.

Duramen is the permanent inner core of a tree — dense, stable, unchanged even as the outer rings grow and change season after season. It is the part of the organism that endures.

We are named for what we own: businesses whose competitive advantage is so deeply formed that time strengthens rather than weakens their position. Sentiment and valuations fluctuate. The duramen does not.

Read the full philosophy →
The anatomy of a durable franchise
Duramen
Permanent
Moat depth
Very high
Pricing power
Explicit
Switching cost
Structural
Sentiment
Irrelevant
The five moat sources we invest in
Efficient Scale
Switching Costs
Network Effects
Intangible Assets
Cost Advantages
Momentum trades
Macro bets
Leveraged positions
Short selling
Market timing
Navy = what we own  ·  White = what we do not do
For accredited investors

Interested in learning more?

Duramen Capital is currently building its track record. We anticipate opening to outside investors in 2027. If you are an accredited investor with a long-duration investment horizon, we welcome introductory conversations.

Get in touch →
This website is for informational purposes only and is directed solely to accredited investors as defined under Rule 501 of Regulation D. Nothing on this website constitutes an offer to sell or a solicitation of an offer to buy any security. Duramen Capital LLC is not registered as an investment adviser. Investments involve risk, including loss of principal. Past performance does not guarantee future results. For accredited investors only.

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