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SPRING 2019 INVESTOR LETTER

“Do you have the patience to wait till your mud settles and the water is clear”

- Lao Tzu

 

Winter 2019 Investor Letter

“Education is not to teach men facts, theories, or laws; it is to teach them to think, to think straight if possible; but to think always for themselves.”

- Robert M. Hutchins

 

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