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Merging Management & Ownership

In early December we had a lively chat with legendary Builder Sir Martin Sorrell of S4 Capital, which we've owned since March 2020. Almost as if he wanted to front-run our white paper on value creation coming out later this…

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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 -£17B Engine

We're delighted to provide a research update on one of our favorite positions, Rolls-Royce. Click here to read "The -£17B Engine" After you read the note, please take a stab at predicting your own forecast of what the company's fundamentals…

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Demystifying Aviation Economics

By Steven Wood, Monday, March 25, 2019 Demystifying Fuel Burn  This article was written on a transatlantic Air France flight on a Boeing 777-300 aircraft. It’s one of the least efficient flights across the pond, and is a dying breed -…

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Second Quarter 2016 Updates

Please click here to read our brief quarterly letter reviewing our opportunity set and a couple new positions. Additionally, our presentation on EXOR was selected by the Ira Sohn foundation as a finalist in the stock-picking contest. I’m convinced the…

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Rolls Royce Update: The Perfect Storm

Subsequent to Rolls Royce's investor day, and the incremental "headwinds," flagged by Warren East, we've updated our research on the company. We believe East has been aggressively bearish in his "headwinds," which are not guidance, and ignore several hundred million…

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