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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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The Wandering TRIP

"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…

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The New Social Status

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!…

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