
June 2020 | Quarterly Letter
The first half of 2020 will long be remembered as one of the more unusual and difficult periods in investment history.

March 2020 | Quarterly Letter
It is difficult to overstate the travail that the United States was forced to endure in the first quarter of the year

December 2019 | Quarterly Letter
2019 provided investors with financial market conditions that few could have imagined.