Tenth Square Ventures / About

About

We are an investment group in Kathmandu, Nepal. We read filings, we value businesses, and we put our own money where the arithmetic points. That is the whole of it.

We do the oldest work in investing. We take a business apart until we understand how it earns, what would stop it earning, and what it is worth if nothing dramatic happens. Then we ask what price would make it worth owning if something dramatic does. Often today's price is not that price, and we wait. Waiting is a position, and we hold it comfortably.

Nepal is a market with thin coverage, which most people read as a complaint and we read as an invitation. The filings are public, and we read them to the end. The gap between what is knowable and what is known is the entire business.

How we think

Six rules. They are not decoration; they decide what we publish, what we buy, and, more often, what we refuse.

Survive first. Everything else is a detail.

You cannot compound from zero. So we size every position such that being wrong costs us a bad year and never the firm, and we keep the firm in a shape that can take a bad year without changing how it works. Returns are what you talk about afterwards; survival is what lets you have an afterwards.

Precision is not accuracy.

The decimals are free; the knowledge is not. Our models produce a range, so we publish the range: the spread, the sensitivities, the assumptions that move it. We would rather be honestly approximate than precisely wrong, and we write every valuation so you can see exactly where the approximation lives.

We do not forecast the world.

Our work stops at the edge of the business: what it earns, what it owes, who runs it, and what it can live through. Those questions can be answered with evidence, so we answer them with evidence. Where the index closes this year is not such a question, and we leave it alone. A business bought at the right price can live through most of what the world does next.

What we cannot read, we do not guess.

Ignorance you admit costs nothing. Ignorance you paper over compounds quietly, and against you. So when accounts cannot be read, we say so plainly, and when a business sits beyond what we understand, we let it pass. The pile marked "too hard" is one of our best-performing assets: everything in it has cost us nothing.

Asymmetry beats accuracy.

We do not need to be right often. We need the times we are right to pay, handsomely, for the times we are not, and that is settled at the entry price, before conviction, before the story, before anything. A wide enough discount makes ordinary error survivable. Leaving room to be wrong is the most reliable skill we have.

We eat our own cooking.

Our capital sits in the same positions, bought at the same prices, on the same terms as anyone who invests beside us. We like the clarity this brings: it makes our interests easy to check and our confidence easy to price. If we are wrong, we are poorer, with you, and by the same arithmetic.

Based inKathmandu

DesksFour

CoverageAll NEPSE sectors

We work withBusinesses & investors

A note on what you read here

Said plainly, so nobody has to guess. What we publish is opinion, offered as a starting point for your own work and not as a substitute for it. Read it, disagree with it, check it against the filings yourself.

We invest our own money here, so we may hold a position in a company we have just written about. We would not ask anyone to take seriously a view we were unwilling to fund, but you should read us knowing it. Advisory and investment work is separate, under written engagement on terms agreed in advance. The full disclosures are here.

The desks

Tenth Square Valuation What we think NEPSE-listed companies are worth, and the whole working behind it. Tenth Square Research Company reports, sector deep dives and memos, written from the filings. Tenth Square Investment Our own capital in the primary market, committed beside those who invest with us. Tenth Square Advisory An independent valuation first, then the work of raising, buying or selling.