Culibrk Partnership was started in 2015 to manage Culibrk family wealth. Stefan Culibrk is the sole investment manager.

Goal is to achieve superior long-term returns while limiting the possibility of a permanent capital loss.

Aim to achieve the goal by investing in businesses and situations undervalued due to Mr. Market’s:

1) Obsession with the short-term (what is next vs. what is it worth)

2) Confusion by perceived corporate action and/or business model complexity

3) Ignorance of capital allocation and management incentives

Investing criteria that allow for superior returns with protected downside

Great business with a growing competitive advantage


Superior returns on incremental invested capital. A durable competitive advantage ensures that the returns stay in tact or increase over time.

Circle of competence


Three to four factors determine success or failure for each company. Ability to spot them doesn’t make the company investable, unless it is in control of them.

Substantial discount to fair value


Discipline to buy only at a substantial discount to growing intrinsic value allows us to bear lower risk and earn higher returns.

Invest with the best owner operators


I happily ride in a sidecar when the driver has proved his or her skills over decades and has substantial skin in the game.