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We disdain bureaucracy. The best decisions result from open exchange in an environment of mutual trust, respect, and humility.

№ 5

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We strive to be open and candid. Reviewing our writings will provide direct insight into our investment ideas, holdings, and style. We welcome you to connect with us if you are interested in receiving prior year letters or starting a conversation.

 

Quarterly Investor Letters

 

Annual Investor Letters

 
 
 
Like-minded investors are encouraged to contact us.