LETTERS & INSIGHTS

Reflections on markets, investing, and the pursuit of lasting value.

We believe that the best investors are also the clearest thinkers — and the best way to sharpen thinking is through writing. These letters share our perspective on markets, individual businesses, and the principles that guide our capital allocation decisions.

  • 2026 · First Half
    No. 01

    First Half 2026 Letter

    First-half 2026: performance against the MSCI ACWI, the price-discipline lesson from our BIOEN entry, and the case for our four core positions (HLGYO, OSTIM, VKGYO, BIOEN).