Annual Letters 07 Jan 2025 2024 Annual Investment Letter “Long tails [highly unlikely, perhaps unexpected events] drive everything. They dominate business, investing, sports, politics, products, careers, everything. Rule of…
Annual Letters 29 Dec 2023 The Concept of Time “Once a King in Narnia, always a King in Narnia. But don't go trying to use the same route twice.…
Annual Letters 31 Dec 2022 Striving for Excellence “…if you grant that the environment is, and may continue to be, very different that it was over the last…
Annual Letters 31 Dec 2021 Unintentional Consequence “You’ll be on your way up! You’ll be seeing great sights! You’ll join the high fliers who soar to high…
Annual Letters 31 Dec 2020 Always Winter… But Never Christmas “It’s not where you take things from—it’s where you take them to.” Jean-Luc Godard In past years, I began writing…
Annual Letters 31 Dec 2019 Politically Polarized As we enter the new decade, a few random thoughts on the past year and the path we may tread…
Annual Letters 31 Dec 2018 Yearning for Order On this first business day of the new year, I’m pleased to attach our 2018 annual letter. A few key…
Annual Letters 31 Dec 2017 Risk and Conviction “Since others may be smart, well‐informed and highly computerized, you must find an edge they don’t have. You must think…
Annual Letters 01 Dec 2016 The Times They Are A-changing “Come writers and critics, who prophesize with your pen And keep your eyes wide, the chance won't come again And…
Annual Letters 01 Dec 2015 Taking a Punch “Mental strength is really important because you either win or lose in your mind. And I'm not solely talking about…
Annual Letters 15 Dec 2014 Good to Great “Bear in mind, Sancho, that one man is no more than another, unless he does more than another.” --Don Quixote…
