Investing

I have spent more than twenty years in investment management, consulting and institutional banking, including roles at Deloitte, MUFG and the Royal Bank of Scotland. In 2016 I founded Lumenary to pursue a single idea properly.

One idea, held for a decade

The idea is this: companies still run by their founders behave differently. They allocate capital on longer horizons, they carry real ownership, and their decision-making has a coherence that professionally managed companies struggle to replicate. The pattern is observable, measurable and persistent; it is also routinely mispriced, because most of the market classifies companies by sector and geography rather than by how they are governed.

Lumenary turned that idea into a classification methodology covering roughly 14,700 listed companies worldwide, of which 4,000+ qualify as founder-led. The methodology underlies a family of global indices, calculated and administered independently, and a decade of published research. It has also been applied in practice through a managed portfolio for Australian wholesale investors since 2017.

Where to read more

• Lumenary — the methodology, the indices and licensing.
• Lumenary Research — the published research, annual reports and founder interviews.
• The Founder Effect — the book that sets out the framework in full.