Commentary
February 2026
As the S&P 500 continues its perilous ascent up the sheer rock face of worry that is today’s stock market, it’s hard not to marvel at the dizzying heights it’s been able to achieve.
October 2025
Our portfolio lagged the S&P 500 Index modestly this past quarter. Color us not surprised.
July 2025
Just in time for beach season, the sun came out this quarter once the tariff clouds parted, restoring investors’ faith that we can all have fun, fun, fun (at least ‘till Daddy takes our reserve currency status away).
Letters to Clients
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.
Idée Fixe
February 2025
Can this company be fixed? That is the question we must wrestle with (nearly) every time we buy a new stock.