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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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The Three Second Rule

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…

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The Psychology of Passive

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…

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