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First Quarter 2022 Letter

Estimated Reading Time: 10 minutes. Click here to read this article as a PDF. "Bad companies are destroyed by crisis, good companies survive them, great companies are improved by them.” -Andy Grove This letter will be briefer than usual, as…

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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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Fourth Quarter 2020 Letter

Estimated Reading Time: 14 minutes Click here to read this letter in PDF format. Speed Read:  We remain encouraged, but not satisfied, by the out-performance in the quarter which restored the long term, through-the-cycle, track record back to our minimum…

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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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