Select 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. And by a wide margin.
Why averaging down is rarely a display of conviction, but an escalation of ego. Uncovering the math and psychology behind this practice.
These writings reflect the principles behind our resilient compounding approach.
To access our investor letters and current portfolio positioning, please request access.