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

Performance review, top 5 holdings, portfolio update.

Our 9-Year Performance History; Learning from Our Past Mistakes; Updating Our Investment Principles.

What did we do right in 2023? New position. Portfolio Update.

Meta Platforms (META) — a $550 billion rebound in market cap in less than a year.

Contributors to our outperformance. Alignment of interests. Biggest lesson learned since starting the fund. Thoughts on portfolio turnover.

Update on our top holdings: SPOT, META and TTD.

Mr. Market’s consensus narrative in 2020/21 vs. 2022. Spotify (SPOT) is selling for $15 billion; does this make any sense?

Long-term vision collides with near-term fear.

Cash vs. staying invested in stocks. Ultimate question: What is my investment horizon? Sale of DocuSign (DOCU).

Business update on Spotify, Meta Platforms, Trade Desk, Topicus and Shopify.

Mental attitude toward stock market fluctuations. Business fundamentals vs. the stock (Spotify, Meta). The story of Peloton.

Who we are. Why we do what we do? Power of compounding vs. Human Nature.

Be greedy when everyone else is fearful.

Thinking like business owners

Fishing In Our Own Pond