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Upcoming conferences: VALUEx Klosters 2020

Looking forward to attending VALUEx Klosters 2020 in January 2020, a private and invitation-only conference of fellow investors organized by my friend Guy Spier. I have been attending the conference since its beginnings and it’s my favorite annual community...

Excerpt Q1 2019 letter

“If everything you do needs to work on a three-year time horizon, then you’re competing against a lot of people. But if you’re willing to invest on a seven-year time horizon, you’re now competing against a fraction of those people, because very...

Excerpt Q2 2018 letter

Thoughts on Value Investing: The Fallacies of Perception In 2007, a man started to play the violin at a metro station in Washington DC on a cold January morning. He played six Bach pieces for about 45 minutes. During that time, since it was rush hour, thousands of...