Letter to Readers: Five Years Into Managing my Family's Net Worth
A multi-generational mandate, no redemption pressure, and the structural advantages of permanent capital. Five years in — on patience, humility, and why long-duration investing remains surprisingly unglamorous.
The Five-Year Mark: What a Track Record Can — and Cannot — Tell You
Fama-French and Lo both warn against drawing skill conclusions from short windows. Here is what five years of alpha actually proves, and what it doesn't.
Why WCAFP Is Not GARP (And Why The Distinction Matters)
Two principles separate Wonderful Companies at Fair Prices from growth-at-a-reasonable-price: an intact margin of safety, and conservative intrinsic value with downside protection.
The April 2025 Drawdown: A Note on Buying When It Hurts
Counter-cyclical capital deployment is easy to write about and hard to do. A short reflection on what worked, what didn't, and what I learned about my own temperament.
MWR vs TWR: Which Number Is Telling You The Truth?
Money-weighted and time-weighted returns answer different questions. Confusing them is the most common reporting error in private investment work.
Strait of Hormuz: Scenario Analysis For The Patient Owner
Crude above $100, fertilizer cost transmission, and what the long-only investor actually needs to do (and not do) when geopolitical tail risk is in the news.
On Tencent, Moutai, Adobe, Nike — A Note on Holding Through Drag
Four positions that have weighed on the portfolio. The thesis that brought me in, the thesis as it stands today, and the discipline of not selling in panic.
The Three Pillars: Patience, First Principles, and Business Quality
An 8,600-word practitioner essay on what actually drives long-term outperformance. With full citations to Buffett, Munger, Fisher, Damodaran, and Mauboussin.
The Power of Two Decimal Points (and Why I Stopped Reporting Them)
Damodaran's critique of pseudo-precision applied to performance reporting. A short essay on why "31.5%" and "31.46%" are not the same claim.
Berkshire Hathaway: A Note on the Inaugural Position
Why Berkshire Class B was the first ticker bought in March 2021, what the position has done since, and why I don't intend to ever sell it.
Page 1 of 7 · Older articles →