October 2026 | Quarterly Letter
The economy has remained resilient and corporate earnings have supported stocks, but the bond market has become a more demanding participant in the investment equation.
Mid-Quarter Update - August 2026
As we move into August, an update on the capital markets is in order.
June 2026 | Quarterly Letter
Our core beliefs and high conviction in the process behind them mean that periodically our portfolios will look different and perform differently than the overall stock market.
Mid-Quarter Update - May 2026
We have been struck by the number of seemingly contrasting signals within the economy and financial markets today.
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.
