Investor Letters & Interviews

"It's hard to grasp how the best-performing stock of the last 20 years could spend the majority of that time with returns that would make you want to vomit.” - Morgan Housel PERFORMANCE Dear Partners & Co-Investors, In this partner letter I will cover the following: Business Performance vs. Portfolio (Stock) Performance My Thoughts On Achieving Above Average Returns How We Are Invested Why I Believe Our Investments Are Strongly Undervalued What We May Expect Business Performa

“What gives you opportunities is other people doing dumb things!” - Warren E. Buffett