Investor Letters

Investor Letters

Q3 2022

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

Q2 2022

Despite the recent market selloff, the businesses that we own are compounding in value at, or beyond, our expectations.

Q1 2022

As we’ve often said in previous letters, we couldn’t be more excited about the current business environment.

2021 Annual Letter

We are entering the 10th year of our long-only strategy, and the fifth year of our long/short strategy.

Q3 2021

Q2 2021

As of the end of the quarter, our core holdings, which accounted for over 90% weighting of the long book, were: TSLA, SPOT, SHOP, ABNB, and AMZN.

Q1 2021

Although prices did not go our way this quarter, the businesses that we own are doing well and we’re happy with their progress.

Q4 2020

Q3 2020

“Pessimists sound smart. Optimists make money.” -Nat Friedman, CEO of GitHub

Q2 2020

In reality, having the patience to let specific investments play out over time is hard work.

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