Clear, consistent communication is central to long term investment partnerships. Through annual letters, essays, and media commentary, we share our framework, how we interpret markets, and how we think about risk, valuation, and long term compounding.
Each year we publish a letter covering the fund’s evolution, portfolio decisions, the opportunity set, and our perspective on risk and valuation. Our letters are written to be accessible to thoughtful non professionals while remaining useful to institutional readers.
Over the years, I have held many discussions with family and friends about stock markets, investment strategies
Over the years, I have had numerous conversations with friends and family about the stock market, investment strategies
In 2025, it is very difficult to ignore the frequent negative headlines in the media: ongoing wars, rising geopolitical tensions, trade conflicts
As we reflect on 2025, it is hard to ignore the constant drumbeat of negative headlines: elevated geopolitical tensions
Shorter pieces on selected topics such as market concentration, investor behavior, and historical case studies.
March 2024
When capital flows concentrate in a small number of names, many high quality businesses become overlooked—creating opportunities for patient, selective investors.
January 2024
Why most investors struggle to be patient, and how structural incentives reinforce short term behavior even when long term thinking
produces superior results.
October 2023
A detailed look at how we approached a high quality business during a period of elevated macro uncertainty and temporary valuation
dislocation.
June 2023
Why how a company deploys capital is often more important than the business itself, and how to identify exceptional capital allocators.
“Owning great businesses, globally, at sensible prices.”
Enduring Principles
- Benjamin Graham
- Warren Buffett
Selected articles, interviews, and media commentary are provided to give a clearer sense of how we analyze the world and approach investing.Â
| Title | Outlet | Type | Date | Link |
|---|---|---|---|---|
| Long Term Investing in a Short Term World | Financial Times | Interview | March 2024 | View |
| Value Investing in Emerging Markets | Capital Allocators | Podcast | February 2024 | Listen |
| Why Patient Capital Still Matters | Bloomberg | Article | January 2024 | Read |
| The Case for Concentrated Portfolios | The Economist | Article | November 2023 | Read |
| Global Opportunities in Dislocated Markets | CNBC | TV Interview | September 2023 | Watch |
| Navigating Market Volatility with Discipline | Reuters | Article | July 2023 | Read |
We emphasize a small set of enduring principles:
