Writings on downside discipline, human behavior, and the mechanics of resilient compounding.
Why compounding relies on continuity, not exceptionalism. A look at the fallacy of chasing the glamorous peak.
Why downside protection is not a defensive compromise, but the superior path to long-term outperformance.
Why averaging down is rarely a display of conviction, but rather an escalation of ego.
These writings reflect the principles behind our resilient compounding approach. To access our investor letters and current portfolio positioning, please request access.