Annual and quarterly updates on portfolio positioning, market perspectives, and the long-term investment thesis behind Columbia Heights Partners and Veda Global.
CHP has compounded at 18% annually since 2019 inception (+228% total vs S&P 500 +173%). Covers 2025's dominant themes of free trade and inflation through the lens of Smith, Ricardo, Friedman, and Hayek.
+117% for 2023 vs S&P 500 +24%. Written in tribute to Charlie Munger, the letter reflects on compounding, long-term conviction, and the biology of great businesses enduring across market cycles.
Read Letter ↗YTD return of +80% vs S&P 500 +17%. Features commentary on conviction investing, Peter Lynch on volatility, portfolio positioning, and early thoughts on Artificial Intelligence.
Read Letter ↗2022 update amid historic drawdowns across equities, bonds, and currencies. Covers Fed rate hike impact, portfolio valuation, a defense of volatility, inflation since 1982, and economics of scale.
Read Letter ↗Cumulative return of +125% since 2019 inception. Deep dives on Tesla's vertical integration thesis, SpaceX Starlink/Starship bull case models, Opendoor, and Bitcoin as a scarce asset.
+36% for 2020, +134% since inception. Covers portfolio construction, quantitative and qualitative process, the importance of runway, macro thoughts on money printing, and book recommendations.
+12% for the quarter, +27% YTD, +118% since inception. First letter following the partnership opening to outside investors. Covers long-term ownership philosophy and portfolio positioning.
+40% quarter return amid COVID recovery. Covers the philosophy of high-ROE compounders, portfolio construction, and why quality businesses at 3%+ yield beat the index in a zero-rate world.
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