Investor Letters

Investor Letters

Q3 2023

Despite the positive performance this year, we’re still in a highly volatile, emotional, and reactionary market.

Q2 2023

Our strategies have performed positively in the first half of the year and there has been some reversal in both the portfolio and several of the issues pressing on the market in 2022.

Q1 2023

This year has started off with a familiar atmosphere. Macro news once again dominates the headlines, from the banking system beginning to show cracks—to persistent levels of inflation and tight labor markets.

2022 Annual Letter

2022 was an extremely trying year. Over the past several years a multitude of external shocks to the global system, along with unprecedented policy responses, has led to the amplification and acceleration of many cycles.

Q3 2022

Our investment philosophy is predicated on the belief that we’re living through a prolonged period of enormous change.

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