Investor Letter - H2 2020
Disruptive innovation, evolution of the digital economy, asset bubbles, new positions in GoodRx, Roku and Teladoc and selling Dropbox.
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Investor Letter - Q2 2020
The theory of market outperformance, the biology of investing, where market inefficiencies have transpired, and a portfolio update.
Investor Letter - Q1 2020
Investing versus speculating, timing the market, holding cash, and investing opportunity costs, stocks versus bonds.
Investor Letter - Q4 2019
Position updates and mistakes and selling Under Armour
Investor Letter - Q3 2019
Management fees, is value investing dead, evolution of a value investor, and compounders and fair valuation.
Investor Letter - Q2 2019
Diversification and allocation and portfolio updates.
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