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Excerpt Annual Letter 2024
"Long periods of prosperity tend to breed sloppy thinking and speculative excess… It’s like a tide that lifts all boats, but when it goes...
Apr 76 min read


Excerpt Interim Letter 2024
[for German, please see below] Appeasement is feeding the crocodile, hoping he will eat you last." [Winston Churchill] Change requires...
Oct 2, 202411 min read


Excerpt Annual Letter 2023
“Those who do not remember the past are condemned to repeat it.” (Benjamin Graham) The Nifty Fifty Bubble - a valuable lesson from the...
Apr 5, 20245 min read


Excerpt Interim Letter 2023
I recently revisited the journeys of renowned investors who went through periods of significant pain, and Charlie Munger's remarkable story,
Oct 6, 20238 min read

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...
Oct 1, 20227 min read


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...
Apr 1, 20222 min read


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...
Jul 12, 20216 min read


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,...
Jan 1, 20213 min read


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...
Jul 14, 20204 min read


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...
Mar 1, 20207 min read


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...
Apr 1, 20194 min read


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...
Jul 1, 20186 min read


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...
Jan 1, 20172 min read


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...
Jul 1, 20158 min read
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