Letters & Memos

Annual letters and investment memos shared with partners. Perspectives on markets, positions, and long-term thinking.

• Zuck's Cooking, Claude's Watching, GPT's Sweating — So Why Aren't You Buying?

  Published on September 5, 2026

• Washington Discovers Couch Cushions Have $950 Billion In Them

  Published on August 25, 2026

• Do Nothing. Get Rich. Thank Congress.

  Published on August 5, 2026

• Earnings Don't Wait for the Fed

  Published on July 22, 2026

• The Hormuz Pivot: Positioning for the Rate Cut Reversal

  Published on May 25, 2026