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Merging Management & Ownership

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…

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Third Quarter 2020 Letter

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…

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The Three Second Rule

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…

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Second Quarter 2020 Letter

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…

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Thinking Now & Later

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…

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