SYSTEM CHARTER

Baseline Capital exists to support long-duration investment decisions under real-world constraints.

Markets are noisy, nonlinear, and unforgiving of structural mistakes. Most permanent losses do not come from bad forecasts, but from fragile assumptions, poor incentives, and capital misallocation during periods of stress.

Our research is engineered around durability.

Survivability before optimisation

We study businesses as systems — decomposing cash flows, incentives, balance sheets, and competitive dynamics to understand how they behave not just in favourable conditions, but across cycles.

Structure before speed

We do not attempt to predict short-term price movements. We do not trade headlines. We do not chase fashionable themes. Instead, we focus on businesses that can continue to function, adapt, and compound through time.

Repeatable decisions over narrative appeal

Every thesis is evaluated against failure modes. Every recommendation is framed by downside risk. When the facts change, the system updates.

Baseline Capital is not designed to be exciting. It is designed to hold.