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HOLD STEADY · REVIEW ONCE · DECIDE ONCE · HOLD AGAIN ACTIVE BRIEF CYCLE OPEN PATIENT CAPITAL ONLY

Private Portfolio Research

Long-horizon holdings, held with care

JIGSAW INVEST is the operating desk of JIGSAW INVESTMENTS LLC, a patient record of work for holdings we intend to keep for years or decades. We research, we record, and we administer a quiet portfolio on the green baize of a private dealing room at the foot of the Wasatch front. The room holds no screens of noise and no call to trade out of habit. Instead it holds a single lamp over the review desk, a brass-framed quote board that answers only when quoted prices matter, and a filing wall of briefs, decisions, and statements that outlives every market mood. Patience is the edge that this house carries, and the whole layout of the site, from the baize table in the hero to the ledger drawer in the footer, is drawn to remind the visitor of that single idea.

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128holdings under review

340briefs issued yearly

4600filings archived

96%

of briefs answered within a week

Patient capital means we answer when the principals ask, we file what we decide, and we do not disturb a sound position cheaply. It means the research desk draws a finished brief before a decision is ever signed, it means every instruction is written down and dated so that a later year can measure how the reasoning aged, and it means a risk panel is free to say that nothing needs to change. The house believes that the most valuable sentence in a long investment life is the one that concludes the thesis still holds and the quiet can continue. A portfolio that is well studied, well administered, and well archived does not need to be constantly turned. Our work rewards long waiting, because the waiting is where the compounding happens.

POS 114

Portfolio Research Briefs

Each cycle the desk assembles a written research brief on the holdings under review, weighing new evidence against the reasons we first bought. We separate signal from market noise, refuse to chase mood, and present only what truly changes the case. A brief is deliberately short, honestly argued, and ready to file, because a long document that hedges every point helps no one decide. The heart of the exercise is a plain conclusion, hold, trim, or top up, reached in the cool of the review desk rather than in the heat of the closing bell. Where new facts fail to move the original thesis, the brief says so and the position is left at rest, which is a decision in its own right.

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EQUITY

POS 214

Holding Administration

Behind every quiet position sits a pile of paperwork that someone must mind. We track corporate actions, cash entitlements, tax events and standing instructions so the holding stays clean without constant attention. A split, a special dividend, a redemption, or a class change is picked up and recorded before it can slip by unmarked, and the principals are told once, clearly, what it means for the position. The principals watch the thesis while the desk watches the mechanics, and the separation is deliberate. Because the administration runs quietly and completely, attention is saved for the decisions that actually matter, a tax season arrives without surprise, and a statement always reconciles to the ledger without a scramble.

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BOND

POS 314

Position Rebalancing Plans

Rather than trade on impulse, we design set-piece rebalancing plans that move size back toward target only when the evidence supports it. Each plan names the trigger, the size of the step, and the review date, so a change in the portfolio is deliberate rather than reactive. The plan is written in advance and left on the baize until its threshold is met, at which point the step is taken in one controlled move rather than dribbled away in anxious bursts. This converts a common source of drift into plain plumbing. A holding that has grown into an accidental dominance is brought back to policy weight, a shrunken one is topped up on schedule, and the portfolio always knows its own shape against the target that was agreed.

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FUND

POS 414

Cash-Flow Scheduling

Income, calls and reinvestment all land on dates that drift across the months. We keep a forward cash-flow calendar so that an expected dividend is never double spent, a capital call never surprises the vault, and reinvestable capital never lies idle past its moment. Every expected receipt is dated, every obligation is dated, and the running balance is drawn across the coming quarters so the whole treasury is legible at a glance. Scheduled lines keep the paper side of the desk calm between decision points, and a principal can see at any moment what the house expects to receive and what it expects to pay, which turns the dullest part of long ownership into the most dependable.

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REAL ASSET

POS 514

Risk Review Panels

On a set cadence we lay each holding open on the baize and ask the uncomfortable questions: how concentrated is the portfolio in a single name or a single idea, how deep has any drawdown run, and which part of a favorite thesis would hurt most if it stopped being true. A risk panel exists to slow the desk down, not to speed it up, because drift is usually caught by a cool measured review rather than by a sudden scare. The tone is calm rather than alarmed, and the findings are written into the record with plain recommendations attached, so a principal can read the latest panel page and know within minutes how the desk rates the current posture and what would prompt it to act.

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CASH

POS 614

Records and Statement Archiving

Every brief, decision and statement is numbered, dated and filed in the drawer, reconciled against the ledger so that the whole history of the portfolio can be reconstructed at any moment without relying on anyone remembering it correctly. When a principal asks what the desk decided three years ago, or how a holding came to look the way it does, the answer comes from the archive and not from a conversation. Archiving is the quiet art that makes long-horizon stewardship trustworthy, because only what is written down and kept can be owned with full confidence across decades. An unarchived portfolio is only as sound as its best memory, and the house does not rest on memory.

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NOTE

The settlement flow — from new idea to filed drawer

Brief

Evidence is gathered and weighed on the baize.

Decide

A clear instruction is written and dated.

Instruct

Standing lines carry the instruction to the market.

Settle

The trade closes cleanly and is confirmed back.

File

The statement is filed in the drawer for the record.

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NEW BRIEF CYCLE

Winter research slots are limited. JIGSAW INVESTMENTS LLC opens the next set of portfolio briefs to principals who hold with a long view.

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