Member Access
Investor Letters
Quarterly updates on portfolio activity, market observations, and our investment outlook. For current investors only.
Investor Access
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36 letters available
2025
H2 2025 Investor Letter
January 2026
H1 2025 Investor Letter
July 2025
2024
H2 2024 Investor Letter
January 2025
H1 2024 Investor Letter
July 2024
2023
H2 2023 Investor Letter
January 2024
H1 2023 Investor Letter
July 2023
2022
H2 2022 Investor Letter
January 2023
H1 2022 Investor Letter
July 2022
2021
H2 2021 Investor Letter
January 2022
H1 2021 Investor Letter
July 2021
2020
H2 2020 Investor Letter
January 2021
H1 2020 Investor Letter
July 2020
2019
H2 2019 Investor Letter
January 2020
H1 2019 Investor Letter
July 2019
2018
H2 2018 Investor Letter
January 2019
H1 2018 Investor Letter
July 2018
2017
H2 2017 Investor Letter
January 2018
H1 2017 Investor Letter
July 2017
2016
H2 2016 Investor Letter
January 2017
H1 2016 Investor Letter
July 2016
2015
H2 2015 Investor Letter
January 2016
H1 2015 Investor Letter
July 2015
2014
Q4 2014 Investor Letter
January 2015
Q3 2014 Investor Letter
October 2014
Q2 2014 Investor Letter
July 2014
Q1 2014 Investor Letter
April 2014
2013
Q4 2013 Investor Letter
January 2014
Q3 2013 Investor Letter
October 2013
Q2 2013 Investor Letter
July 2013
Q1 2013 Investor Letter
April 2013
2012
Q4 2012 Investor Letter
January 2013
Q3 2012 Investor Letter
October 2012
Q2 2012 Investor Letter
July 2012
Q1 2012 Investor Letter
April 2012
2011
Q4 2011 Investor Letter
January 2012
Q3 2011 Investor Letter
October 2011