Generational
Think in generations rather than quarters: hold a horizon longer than any instrument that could be sold to this office.
Thinking in decades is a structural fact before it is a temperament. The capital is permanent: no fund life, no vintage year, and no date on which anyone must be repaid. Everything else this office claims about patience depends on that one sentence being true, because an office with a clock cannot choose to be patient — it can only postpone.
What it buys is the ability to hold a position through a bad decade and to underwrite infrastructure that pays back over fifteen years rather than three. It also converts a downturn from a threat into a purchase, which is the single asymmetry the rest of the strategy rests on.
The cost is that the record has to include the years where holding was wrong. The outcomes register is a log of transitions rather than a table of states, and impaired and written-off are two of its seven statuses, because a register that only records recoveries is a track record rather than a register.
What it refuses
A horizon set by an instrument. Nothing here is held to a fund life, a vintage year or a date on which anyone must be repaid, and any structure that would impose one is declined before it is negotiated.
Where it is practised
The capital is permanent — no fund life, no vintage year, and no date on which anyone must be repaid — so a position can be held through a bad decade.