2025 Q3 Letter
December 15, 2025
It’s not easy to reconcile the crazy world we see in the news with how normal it feels whenwalking the streets (or watching the stock market). Maybe that’s because we’ve been living in a heightened state of alert for so long...
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2025 Q2 Letter
September 15, 2025
In the last few months a socialist won a primary in the heart of American capitalism, while the self- described
capitalists in Washington forced Nvidia to pay the Government protection money for the right to sell chips...
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2025 Q1 Letter
June 20, 2025
Maybe Trump’s Golden Age is coming, but so far, we’re stuck in front of the pinball game version. To
start the year, our stocks shot up the ramp, apparently on expectations that the new administration’s
policies would unlock a bonus round of economic growth...
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2024 Q4 Letter
March 15, 2025
The fourth quarter of 2024 added a few final sanguine pages to an already strong chapter for stocks. But since Inauguration Day, the story has taken a dramatic turn. Our
political and economic system...
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2024 Q3 Letter
December 10, 2024
All summer long both Republicans and Democrats screamed about the dire consequences of losing the
election, but the major indices ignored the danger...
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2024 Q2 Letter
September 20, 2024
While the major indices posted mixed performances in the second quarter, the environment remained benign...
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2024 Q1 Letter
June 20, 2024
The major indices drifted higher to start 2024 It’s hard to gush about the future when everyone’s fighting with their neighbor and the news is full of death and destruction...
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2023 Q4 Letter
March 31, 2024
The stock market finished 2023 on an upswing, as the major indices recovered much of the ground they lost in the prior year.
Since we’re surrounded by all the usual threats—war, election, interest rates, you name it—the munificent environment is as much a mystery as always...
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2023 Q3 Letter
December 12, 2023
The markets bounced up and then down during the third quarter, ending up a bit lower, and our
accounts followed along. Outside our windows, Wall Street and the media produced their usual fog of
baseless predictions and hand-wringing worry..
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2022 Q4 Letter
March 15, 2023
2022 was nauseating. Our accounts dropped like rocks for six months and then bounced around near their lows for the rest of the year. When you’re in freefall, all you can think about is what’s going to happen if you crash into the ground. But, it’s almost more frustrating when you’re wandering in circles at the bottom of the Grand Canyon trying to find a way out.
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2021 Q4 Letter
March 11, 2022
2021 ended with a thud. After lurching forward in October, our accounts did a quick u-turn and skidded into year end. Even as the major indices rose on the year, we lost ground. Now that thud has crescendoed into a thunder of bombs and artillery.
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2020 Q4 Letter
March 8, 2021
Thanks to 2020, we now know nothing is impossible. On a dime, COVID-19 upended daily life, closing schools and offices, clearing calendars, and rendering us all homebound for months on end. Yet, for the year, our accounts advanced the most in recent memory.
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2019 Q4 Letter
March 15, 2020
Our accounts bounced back in the fourth quarter, ending 2019 on an uptick. 2020 also got off to a good start...then, the coronavirus hit. Now, with the recent calm broken, our accounts are dropping faster than we can type and serious concerns are whirling in the air.
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