If we borrowed the winding stair metaphor as a structure for Bruce Hendry’s investment model, it might work something like this. Spiral stairs have three parts: a center post, treads, and risers. Let’s say the center post is the thing that connects us from where we are (down here) to where we want to be (up there): it’s the investment opportunity. Each tread is an element of the deal that protects us from losing money and dropping back, and each riser is an element that lifts us up a notch.
