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

"We want to do business in such an environment, not because we like pessimism but because we like the prices it produces." - Warren Buffett

"There are two times in a man's life when he should not speculate: when he can't afford it and when he can." - Mark Twain

The time to invest is when you’re getting a lot for your money regardless of what the economy or markets will do the next day, month or the next 1-3 years.

Investors often mistake volatility for risk, seeking certainty by holding low-yielding cash and bonds that lose purchasing power to inflation over time. Real risk is this long-term loss of purchasing power, not short-term market fluctuation. While crises are inevitable, productive businesses and diversified equity index funds have historically proven resilient, significantly outperforming "safe" assets and generating superior long-term wealth for disciplined investors.