March 2026 | Quarterly Letter
Interconnectedness as a concept can be of relevance to investors when trying to understand current investment conditions.
Mid-Quarter Update - February 2026
We have been struck by the number of seemingly contrasting signals within the economy and financial markets today.
December 2025 | Quarterly Letter
Our philosophy assumes that the future is unknown and, therefore, offers a wide range of potential investment outcomes.
Mid-Quarter Update - November 2025
We continue to focus on high-quality companies with durable cash flows, conservative balance sheets, and the ability to compound value over time.
September 2025 | Quarterly Letter
We maintain our baseline confidence in the resilience of our economy and the ability of quality investments to accomplish your investment goals.
Mid-Quarter Update - August 2025
From an investment standpoint, our position remains unchanged: keep the focus on the long term and commit to investing in high-quality companies.
June 2025 | Quarterly Letter
Over the last couple of years, we learned a simple and important lesson: it is very difficult to derail the U.S. economy.
Mid-Quarter Update - May 2025
In an environment such as this, we believe quality is not just a desirable trait, it is essential.
March 2025 | Quarterly Letter
While investor preferences are often shifting, at least over the shorter term, we keep our focus on the longer term and what we believe to be the best approach to investing through transitions to an uncertain future.
Mid-Quarter Update - February 2025
While monetary policy uncertainty, persistent inflation, heightened capital expenditures in AI, and tariff disruptions may present challenges for investors, these trends also reinforce the importance of owning high-quality businesses with durable competitive advantages.
December 2024 | Quarterly Letter
We are not sure if we are in a new paradigm of growth for the economy, but for now things are moving in the right direction. This is good. However, we must deal with a stock market that is richly priced by historical standards and a bond market that is uncertain.
Mid-Quarter Update - November 2024
As we move forward, we will, of course, be monitoring political events as they unfold, but we will also be focusing on the things that we can control.
