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FALL 2018 Investor Letter

“Uncertainty is the friend of the buyer of long term values”

- Warren Buffett


SPRING 2018 Investor Letter

“When there's nothing particularly clever to do, the potential pitfall lies in insisting on being clever”

- Howard Marks


Winter 2018 Investor Letter

“A great business at a fair price is superior to a fair business at a great price”

- Charlie Munger


Fall 2017 Investor Letter

"Be fearful when others are greedy and greedy only when others are fearful"

- Benjamin Graham


Spring 2017 Investor Letter

“Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria”

- Sir John Templeton