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Year End 2024 Letter

Estimated Reading Time: 15 minutes. Click here to read a PDF version of this letter. Dear GreenWood Investor: 2024 Review: Conservative, Yet Performing “When everyone else is losing their heads, it is important to keep yours.” Marie Antoinette We are…

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First Half 2024 Letter

Estimated Reading Time: 12 minutes. Click here to read a PDF version of this letter. Dear GreenWood Investor:      Our accounts and funds generated satisfactory performance in the first half, modestly outperforming our benchmark. Our separate accounts, which have…

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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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