Excerpt 2020 semi-annual letter

“It ain’t over till it’s over.” [Yogi Berra] We live in peculiar times. With the global lockdown in response to Covid-19, hundreds of thousands of people around the world are starving, unemployment in the U.S. and Europe is at a generational...

Excerpt 2019 letter

“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.” [Warren Buffett] The markets seem increasingly irrational to me. Here are a few other worrying trends I am seeing: Capital is chasing bonds, even though cash yields no...

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...