10-Year Performance Review; Holding a Multi-bagger in a Portfolio; Where Our Edge Lies

This letter is our story. It’s about the lessons that shaped us, the principles we live by, and the path we’re charting for the decades ahead.

A Defining Moment and The Comeback. Our Guiding Principles. Top Five Holdings.

Reflections on Long-Term Investing, Patience, and Portfolio Strategy.

The 20 Punchcard Philosophy