This letter is also available as a PDF, HERE. 2021 Annual Letter “In economics, you always want to ask, ‘And then what?’” —Warren Buffett If on January 1, 2020, someone had told you that the world was about to experience a global pandemic that would close borders and businesses—and continue Read more
This letter is also available as a PDF, HERE. January 26, 2021 2020 Annual Letter “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of Read more
This letter is also available as a PDF, HERE. January 26, 2020 2019 Annual Letter We completed our first (partial) year as a registered investment adviser (RIA) at the end of 2019. We began our RIA journey offering just one strategy, the Absolute Return Strategy. As the year moved on Read more