In early December we had a lively chat with legendary Builder Sir Martin Sorrell of S4 Capital, which we've owned since March 2020. Almost as if he wanted to front-run our white paper on value creation coming out later this…
This article is the 3rd in a 6-part series examining how the drivers of value creation are the same as sustainability drivers. We will outline these drivers in these 6 posts and show how recent ESG efforts to define business…
This quarter's 4-page letter discusses why we’re encouraged about the progress we’ve made on three fronts: 1) in performance (+15.4% in the fund, or 7.2% alpha), 2) further fundamental transformation at CTT which will be more evident in the quarters ahead…
This article is the second of a 6-part series examining how the drivers of value creation are the same as sustainability drivers. We outline these drivers in 6 posts to show how recent ESG efforts to define business sustainability fall…
This article is the first of a 6-part series examining how the drivers of value creation are the same as sustainability drivers. We will outline these drivers in the next 6 posts and show how recent ESG efforts to define…
Our first quarter letter’s discussion on paying more attention to the whims and fancies of Mr. Market’s focus spurred a few friends to recommend some great psychological summer reads. To quickly summarize the quarterly letter, System 1 thinking, the fast…
Click here to read the second quarter 2020 letter to investors. This one is highly analytical in picking apart our performance, exposures and factor drivers. In it, I explain why we’ve chosen companies off the beaten path, yet remain exposed…
Before it was cool to dump on General Electric and its “we must beat the quarter” Jack Welch-era style management, in a public manner, David Cote did so by proving there was a better way. In his new book, Winning…
"The dogmas of the quiet past, are inadequate to the stormy present. The occasion is piled high with difficulty, and we must rise -- with the occasion. As our case is new, so we must think anew, and act anew.…
We took a bit longer than normal writing our quarterly letter for the first quarter of 2020. Click here to read Confessions. Speed Read: Reporting our performance feels like entering my first confession, and I outline the important psychological effects…