Auctions & Power

Many thanks go to David Easley and Jon Kleinberg at Cornell for making their research on auctions publicly available. It’s a great time to discuss the distribution of power in auctions. Not only is this highly relevant for all users of Google…

Read More

Waiting for the Second Cookie

“The only rock I know that stays steady, the only institution I know that works, is the family.” Lee Iacocca With the age of financial-engineering-activism having failed to deliver sustained good performance, we think the timing is right to embrace…

Read More

Second Quarter 2017 Letter

Click here to read our second quarter letter. Results have been good, but we want them to be great. Speed Read: Through active portfolio management, we've managed to keep our portfolio's ratio of reward-to-risk at 38.3x, which is marginally better than…

Read More

The Battle For Whole Foods Isn’t Over

The Retail War Has Just Begun Every grocery retailer in the United States, and perhaps even Europe, has undoubtedly called emergency board meetings for this weekend. Amazon’s attempted merger with Whole Foods is a watershed event that will have far-ranging ramifications. Ripe…

Read More