Business Principles

  1. Our people are the key to our success. We should recruit only world-class people who we would enjoy working with and who understand and accept our core values and beliefs
  2. Our primary asset is our reputation. Any actions we take with respect to our capital or business partners should be heavily influenced by their effect on our reputation. Investing our reputation is as important as investing our capital
  3. Our performance on a quarterly or annual basis, while important, will not be given priority over our long-term goals
  4. We conduct our business with the highest level of integrity and honesty. Deals should be fair to our partners and should not favor us at their expense. We will be forthright with those we deal with and expect the same in return. We work with prospective partners to develop a mutual understanding, appreciation and respect for our approach to investing. If such an understanding cannot be achieved, we will not become partners
  5. The best decision for Michael Dell, his family or our other partners is the best decision for MSD Partners
  6. Much of the work that we do is of a highly confidential nature, and we do everything that we possibly can to protect that information and maintain and respect the privacy of the firm
  7. Individual opportunity and reward is based on merit. Our vision places large demands on each of us. Those demands can become frustrating, so we should try to make sure that our jobs are fun, the office is friendly and the rewards for loyal employees are large. We work with passion, commitment and enthusiasm
  8. We understand and value the importance of technology and are constantly looking for ways to utilize technology to make MSD more efficient and productive
  9. Control over investment decisions is essential to our style of doing business. We will always do what we believe is right, regardless of what conventional wisdom might indicate
  10. In considering potential investments, we encourage an environment that fosters open debate, values contrary opinions and tolerates honest mistakes
  11. We seek out excellence in all we undertake. We should never be satisfied with the status quo. Instead, we should constantly seek to improve in all our endeavors
  12. We must continually remind ourselves of our limitations and dedicate ourselves to the avoidance of hubris. If our methodologies are valid and our people are talented, hubris is one of the only things that can make us fail