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  • About Us
  • People
  • Philosophy & Discipline
    • Core Strategy
    • Research Process
  • Communications
    • Letters to Clients
    • Commentary
    • Videos
    • Press
  • Products
  • Contact Us

Letters to Clients

Succession

October 2025

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

Letters to Clients Archive

Commentary

July 2025 Commentary

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).

More Commentaries

Videos

2025 Highlights of Marshfield Investor Conference

Watch the highlights from the 2025 Marshfield Investor Conference.

More Videos

Press

Forbes

Why Warren Buffett, David Tepper And Other Top Billionaire Investors Are Piling Into Floundering UnitedHealth Stock

More Press
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