Investor Letters

Investor Letters

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.

Q1 2020

As we look back on Q1 and the effect the coronavirus has had on the economy and stock market, I think it would be helpful to recap what we have seen developing for quite some time.

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