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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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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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Finding Value in Biotech

Despite the biotech industry having pockets of extreme and irrational ebullience, the largest part of the industry is systematically underfunded. It's also the highest-value-add part of the industry from a risk-adjusted basis. In this video we have a philosophical discussion…

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Noise, Intuition & Judgement

At our investor day in September, we spoke with Dr. Phil Tetlock about the roles of noise filtering, intuition and game theory in good decision-making. We also kicked off a new Superforecasting trial that we're conducting with our investors in…

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Boiled Frog Prevention

By Steven Wood on Friday, January 11, 2019 One of the best parts of having an investment process that appeals mostly to sophisticated investors is the introductory meetings are nearly always very enlightening for us. While we have long said we…

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