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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…

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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…

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Fourth Quarter 2016 Letter: Our Purpose

In our brief, 2.5-page quarterly letter, we follow in the footsteps of the manifesto we published in December and discuss how our lollapalooza process has not only helped us to properly execute on investment opportunities, but has become our very own reason for being. Our purpose.
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Spring is Coming

Europe is the world’s consensus short. One need not look too hard to find news stories about the instability of governments all over the continent, rising populist movements and “stagnant,” economies. This view has been well honed by economists, thought…

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Second Quarter 2016 Updates

Please click here to read our brief quarterly letter reviewing our opportunity set and a couple new positions. Additionally, our presentation on EXOR was selected by the Ira Sohn foundation as a finalist in the stock-picking contest. I’m convinced the…

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