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Vasu Ferry Shareholder Letter: Builder Helpers Philosophy

Summary​

Santiago Montoya's September 2023 shareholder letter introduces Vasu Ferry's investment philosophy centered around being "Builder Helpers" - long-term partners who support exceptional builders rather than gambling on short-term financial gains. Drawing inspiration from the ferryman Vasudeva in Hermann Hesse's "Siddhartha," Montoya articulates a contrarian view that 99%+ of the financial investment world is gambling, and positions Vasu Ferry as seeking to become a trusted, value-adding partner to genuine builders.

Most Powerful Quotes​

On Trust and Privilege​

"It is a privilege to be trusted. It is a precious gift to be believed in. To have people I admire entrust me with their capital and belief is one of the greatest honors of my life."

The Vasudeva Philosophy​

"I find most people forget about the character because he is so nondescript. He turns out to be the wisest character in the book because he simply 'listens to the river'. He flows with the world. He understands that wisdom is not his, he is only a conduit for it. He lives in an egoless state ready to serve others."

"What could be more helpful in life than your own Vasudeva ready to assist you? What could be a more exciting goal to aspire to than to become a Vasudeva to others?"

The Builder Helper Thesis​

"At Vasu Ferry, our central hypothesis is that the world of investing and business building needs more wise, trustworthy, long-term, helpful partners who are ready to serve. These types of helpful partners are extremely rare."

"Our mission is clear. Vasu Ferry will build a company that compounds the value of our capital at attractive rates for a time horizon measured in decades by partnering with the best Builder Helpers and Builders it can find."

The 99% Gambling Thesis​

"Now, this is where most might disagree. I believe 99%+ of the financial investment world is gambling. There are more mutual funds and hedge funds than stocks to pick from. Private Equity firms need to plan their sale before they are done making the deal. Venture firms treat companies like lottery tickets, hoping to catch one of the presumed big winners to mark up an expected return that allows them to raise the next fund."

Time and Compounding​

"Time is not the friend of the gambler. Timing is. Their time horizon is much shorter than that of the people building."

"Time is the friend of the Builder and the Builder Helper. Value, trust, and knowledge compound. Builders and Builder Helpers engage with ground reality and their actions have a direct effect on the customer proposition."

The Contrarian Belief​

"What do you believe to be true that most would disagree with? For us, it is that: Builder Helpers are and will continue to be the most desired investment partners to exceptional Builders. Builder Helpers are few and far between."

Proof Points: Why Exceptional Builders Choose Camelot​

"Lord Philip Harris had built the largest carpet retailer in the country, not once, but twice... This time though, out of all the great business minds and investors he has met in his many decades in business, he chose Will Barker to be the executive chairman and the largest owner of the company. Why? Lord Harris thought Camelot would be most helpful in building his best attempt at it yet."

"After building what might be one of the greatest businesses of all time at Amazon, Jeff Wilke decided to retire to go after the one thing he wanted to (re)build most, American manufacturing prowess. His first call...Camelot."

The Flywheel Effect​

"More importantly, if you deserve for these people building valuable enterprises to pull you in, the value infusion flywheel turns at a much higher velocity over time. The more you help and the more you learn, the more helpful you can be going forward."

On Deserving Partnership​

"Yes, deserving the role of a Builder Helper is hard, but I think the main reason so few exist is because of the lack of long-term incentive mechanisms."

"Builder Helpers need to be trusted and that takes time, effort and value add."

The Aspiration​

"I believe Vasu Ferry has a chance to be a small part of the building of extraordinary things with extraordinary people. I am excited to spend the rest of my life attempting to deserve it."

Key Investment Holdings​

Camelot - Primary investment with Will Barker, described as "the best Builder Helper I have met"

  • Portfolio includes ecommerce retailers, home builders, carpet companies, manufacturing conglomerates
  • Partners with exceptional builders like Lord Philip Harris (Tapi) and Jeff Wilke (Re:Build)

Arcadea - Vertical market software holding company founded by ex-Constellation Software leaders

  • Owns 10 VMS companies serving as operating systems for various industries
  • Positioned between antiquated software companies and venture-backed startups

Burford - Public litigation finance company, described as keeping "the fabric of the law together worldwide"

Philosophy in Action​

The letter demonstrates Montoya's core belief that the highest returns come not from financial engineering or timing markets, but from earning the right to partner with exceptional builders over decades. This requires becoming genuinely helpful, trusted, and aligned with long-term value creation rather than short-term exits.