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First Quarter 2021 Letter

Estimated Reading Time: 6 minutes Click here to read this letter in PDF format. Speed Read:  Our Global Micro Fund delivered returns of 23.3%, while the euro-denominated Luxembourg fund returned 24.6%. Our Global Micro separate accounts returned 18.5% while our…

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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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Video: A Builder’s Approach

By Steven Wood, Wednesday, November 14, 2018 A few weeks ago I had the pleasure of offering a preview to a white paper we’re working on with my friend Ehren Stanhope at A portion of that presentation was filmed…

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