September 2026

We underperformed the S&P 500 Index this past quarter, a phenomenon not unusual in either our recent or more distant past.

June 2026

The S&P 500 delivered its strongest quarterly performance since 2020 this past quarter, ascending its tech-built scaffolding to dizzying heights.

April 2026

We performed well this quarter, but not without the market subjecting us to a head-swiveling display of now-you-see-it-now-you-don’t theatrics that were enough to threaten us with double-vision.

Retail Therapy

September 2026

We humans are strange creatures. We’re at once deeply rational but susceptible to seduction by pleasing illusions. We want to be ourselves, but we also crave the embrace of the group.

Castle Keep

February 2026

Warren Buffett famously compared the perfect business (and we paraphrase here) to sole ownership of the only source of water on an inhabited island.

Succession

October 2025

A storied pizza chain with sinking sales. The reluctant in-house acknowledgment that a lousy product was to blame.