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...

Excerpt Q2 2015 letter

Thoughts on investing in a negative yield environment Earlier this year, Finland floated a €1 billion five-year note at a negative interest rate of -0.017%. The demand for this note showed that savers were willing to pay Finland for the privilege to keep and spend...