Commentary
June 2026
The S&P 500 delivered its strongest quarterly performance since 2020 this past quarter, ascending its tech-built scaffolding to dizzying heights. Though we took a bit of a drubbing in the process, we nonetheless got down to business.
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.
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.
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.