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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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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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Merging Management & Ownership

In early December we had a lively chat with legendary Builder Sir Martin Sorrell of S4 Capital, which we've owned since March 2020. Almost as if he wanted to front-run our white paper on value creation coming out later this…

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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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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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