FY25 Annual Letter
Despite the uncertainty we’ve faced globally, I am cautiously optimistic about the future and see strong evidence supporting our August 2025 white paper, “Are We in That Part of the Cycle?” The United States is divided between two distinct economies: Wall Street and Main Street. I don’t see this dual-nature system going away anytime soon. […]
FY24 Annual Letter
I feel as though I lived three different lives this year. Three consecutive deaths and rebirths. 2024 was my official starting line for benchmarking my performance as a fund manager. I learned much more than I thought I would at the start of this year. My allocation processes have become routine after seven years as […]
FY23 Annual Letter
It has been such a thrilling year, and I can already tell that 2024 will be a grand adventure! Every year shows us a trial that will either propel us to our next level of excellence or will keep us imprisoned until we truly resolve our problems. That is what I love about markets. I […]
