Letters to our partners.
Investor letters
Our research, investment thinking and perspective. In our own words.
Smith, Ricardo, Friedman and Hayek
Read PDF · 3 pages
The Great, The Good and The Gruesome
Read PDF · 7 pages
Q1 2024 Quarterly Update
Read PDF · 1 page
Q4 2023 Quarterly Update
Read PDF · 3 pages
Q2 2023 Quarterly Update
Read PDF · 8 pages
Q1 2023 Quarterly Update
Read PDF · 1 page
Q3 2022 Quarterly Update
Read PDF · 7 pages
Q1 2022 Quarterly Update
Read PDF · 9 pages
2021 Annual Letter
Read PDF · 10 pages
Q1 2021 Quarterly Update
Read PDF · 1 page
2020 Annual Letter
Read PDF · 8 pages
Q3 2020 Update
Read PDF · 6 pages