Commentary
April 2025
This past quarter, we demonstrated the resilience of our model. Our typical pattern of performance has long been to underperform somewhat in waxing markets and to outperform more meaningfully in waning ones.
January 2025
As we call game, set, and match for the year that was 2024, we look forward to yet another round of intense competitive play over the next twelve months.
October 2024
This quarter, we played our usual game of “tag” with the broader stock indexes.
Letters to Clients
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.
Smells like Teen Spirit
September 2024
As we approach back-to-school season, we thought it might be timely to riff on that staple of teen fashion magazines everywhere and serve up a list of what’s “in” and what’s “out” according to our Marshfield style guide.
Punk’d
April 2024
In writing about company and industry quality and the kinds of signifiers of durable value creation we seek, we never want to lose sight of the importance of price.