Shareholder Letter

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A Shot of Over Exuberance?

Investors responded to the meteoric rise in markets by adopting a trade-first-analyze-later mentality.

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The Value of a Patient Approach

Traditional safety nets were an afterthought and reasonably priced businesses lagged.


Paying Less for More

In the course of a few months, investors have gone from panic-based selling, to aggressively bidding up low-quality companies.


A (Re)learning Opportunity

The hard work of recovery will lead to some valuable questions about what went wrong.


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The statements and opinions expressed in the articles or appearances are those of the presenter. Any discussion of investments and investment strategies represents the presenters' views as of the date created and are subject to change without notice. The opinions expressed are for general information only and are not intended to provide specific advice or recommendations for any individual. Any forecasts may not prove to be true.

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