Estimated reading time: 18 minutes. Click here to read this in PDF Format. When Defense Misfires “Offense wins games. Defense wins championships.” This past quarter, much of my curiosity has been focused on the differences between offense and defense. Given…
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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…
Our first quarter letter’s discussion on paying more attention to the whims and fancies of Mr. Market’s focus spurred a few friends to recommend some great psychological summer reads. To quickly summarize the quarterly letter, System 1 thinking, the fast…
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…
There have been many words and frustrations published regarding the shift of investors from active to passive funds. To our knowledge there have been none highlighting the shift in psychology that takes place when investors transition to becoming passive index…