Investor Letters & Interviews

If you are looking for a manager to invest your capital, finding one you can trust is essential for your investment success. Beneath the polished presentations and glossy reports lies a fundamental conflict of interest. This conflict quietly eats away at your returns. Imagine hiring a captain who refuses to board the ship he wants you to travel on. Or a chef who won’t taste his own food. That’s how much “skin in the game” most asset managers have. They collect hefty fees rega