Commentary
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).
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.
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.
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.