Reading Time: approximately 10 minutes. Click here to read this letter in PDF Format. Dear GreenWood Investor: Our performance thus far in 2023 has been decent. We have performed in line or above global indices as of July in all…
Reading Time: 21 Minutes. Click here to read this letter as a PDF. The Use of Adversity "Always seek out the seed of triumph in every adversity.” -Og Mandino This year has been humbling for us. Our second quarter performance was…
Estimated Reading Time: 4 minutes Click here for a PDF version of the quarterly letter. Dear GreenWood Investor: “Some men see things as they are and ask, ‘Why?’ I dream things that never were and ask, ‘Why not?’” RFK We…
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…
"The dogmas of the quiet past, are inadequate to the stormy present. The occasion is piled high with difficulty, and we must rise -- with the occasion. As our case is new, so we must think anew, and act anew.…
We took a bit longer than normal writing our quarterly letter for the first quarter of 2020. Click here to read Confessions. Speed Read: Reporting our performance feels like entering my first confession, and I outline the important psychological effects…
"Not all those who wander are lost." JRR Tolkien One of the most frequent monsters in investors’ collection of nightmares is “thesis creep.” This is when the dynamics have changed to the point where you can barely recognize the original…
We have posted our brief quarterly letter, which you can read by clicking here. Speed Read: Our underperformance this year reflects irrational prices that have become even less rational, particularly with the view we have on the board of our…
We have posted our delayed and brief quarterly letter, which you can read by clicking here. Speed Read: We continue to evolve our process and have changed our tag lines to better reflect the considerable evolution we’ve made over the…
This article was inspired by a talk that our friend Adam Sebba at Cookson Adventures gave in Azerbaijan last month. The text and slides are available towards the end of this article. Thank you, Adam, for a highly engaging discussion!…