skip to Main Content

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…

Read more

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…

Read more

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…

Read more

Boiled Frog Prevention

By Steven Wood on Friday, January 11, 2019 One of the best parts of having an investment process that appeals mostly to sophisticated investors is the introductory meetings are nearly always very enlightening for us. While we have long said we…

Read more
Back To Top