Letters

Oct 1, 2022
7 min

Excerpt 2022 interim letter

“In stocks, it's the only place where when things go on sale, people get unhappy. If I like a business, then it makes sense to buy more...

Apr 1, 2022
2 min

Excerpt 2021 annual letter

“Maintain an army for a thousand days, use it for a moment.” [Chinese proverb] When I started writing this letter, I wanted to talk about...

Jul 12, 2021
6 min

Excerpt 2021 semi-annual letter

“It's not whether you're right or wrong, but how much money you make when you're right and how much you lose when you're wrong.” [George...

Jan 1, 2021
3 min

Excerpt 2020 annual letter

[...] The steep market correction in February and early March was followed by a wild rally in technology stocks, record breaking IPOs,...

Jul 14, 2020
4 min

Excerpt 2020 semi-annual letter

It ain’t over till it’s over.” [Yogi Berra] We live in peculiar times. With the global lockdown in response to Covid-19, hundreds of...

Mar 1, 2020
7 min

Excerpt 2019 letter

“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.” [Warren Buffett] The markets seem...

Apr 1, 2019
4 min

Excerpt Q1 2019 letter

“If everything you do needs to work on a three-year time horizon, then you’re competing against a lot of people. But if you’re willing to...

Jul 1, 2018
6 min

Excerpt Q2 2018 letter

Thoughts on Value Investing: The Fallacies of Perception In 2007, a man started to play the violin at a metro station in Washington DC on...

Jan 1, 2017
2 min

Excerpt 2016 letter

Thoughts on the Macroeconomic Environment According to an eye-opening article in The Atlantic, 50% of Americans would not be able to pay...

Jul 1, 2015
8 min

Excerpt Q2 2015 letter

Thoughts on investing in a negative yield environment Earlier this year, Finland floated a €1 billion five-year note at a negative...

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