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Chris Hohn is one of the best investors in the world.
His hedge fund TCI made almost $20 billion (!) last year.
Let’s teach you some key lessons from this amazing investor.
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Who is Chris Hohn?
People call Chris Hohn ‘The Tollkeeper Investor’.
Why?
He only invests in businesses that control essential pieces of the economy.
Think about crucial infrastructure , airports, railroads, …
Chris Hohn was born in 1966 in England to a working-class family. His mother was a secretary and his father was a car mechanic.
He studied accounting at the University of Southampton, then earned an MBA from Harvard Business School.
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An interesting story?
In his third year at a New York hedge fund, Chris was awarded a bonus check of $10 million.
Most people would think they are set for life.
But Chris didn’t.
He immediately set up a foundation and put the money into it.
He said “I didn’t want it… This isn’t really something I should have.”
In 2003, Chris founded The Children’s Investment Fund.
It’s better known under the name TCI.
As the name suggests, the fund donates a portion of its profits to charities for children.
To date, the Children’s Investment Fund Foundation (CIFF) has donated over $2 billion to children’s causes, primarily in developing countries.
In 2025 alone, the hedge fund TCI gave $797 million to charity.
This kind of purpose-driven approach is rare in the hedge fund world.
In 2014, Hohn received a knighthood in recognition of his charitable work.
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Investment Philosophy
The Chris Hohn approach can be summarized as follows:
Manage risks first, returns second: Don’t lose money
Invest in tollkeeper businesses: Companies that control essential infrastructure
Buy companies with high barriers to entry: Look for stocks with multiple moats
Make concentrated bets: Only invest in your best ideas
Hold for the long term: Chris Hohn keeps every stock for 8 years on average
1. Manage risks first, returns second
Most investors ask: “How much money can I make?”
Chris Hohn asks: “How much can I lose?”