Each quarter we write honestly about what worked, what didn't, and what we think comes next. The archive goes back to our founding in 2016. These letters are intended for the accredited investors we work with — we share them here as an open invitation to how we think.
By opening any commentary below you certify that you meet the requirements of an accredited investor. Commentaries reflect the views of the portfolio manager at the time of writing and are not a recommendation to buy or sell any security.
Accredited investors on our list receive each letter directly. Request access and we'll add you after a brief qualifying conversation.
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2026