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