Letters

Once each year, the house publishes a letter.

The letter is how the house accounts for itself. Once a year, in writing, we set down what was bought, what was held, what was learned, and what we were wrong about. It is written for the people who own alongside us and the people who may one day — plainly, without a marketing hand on it, and meant to be read in full.

We publish on this cadence for the same reason we hold assets for decades: a year is long enough to tell the truth about a business, and short enough to be held to it. There will be one letter each year. There will be no other mail.

I.The Archive

Published letters.

  • Letter No. I

    The first annual letter

    MMXXVII · Forthcoming

The first letter will be published in MMXXVII. Until then, the archive holds a single forthcoming entry.

II.Subscribe

Receive the letter.

One letter, once a year. No other mail — no announcements, no campaigns, no list shared with anyone. An email address, and nothing else, is all we ask for.

You are on the list. The next letter will arrive in MMXXVII — one letter, once a year, and nothing else.

The letter is correspondence, not an offering. Nothing in it, and nothing on this site, is an offer to sell or a solicitation of an offer to buy any security or investment.