Letters
Why we write more than we trade
Writing is how we find out whether we actually understand something.
We publish more than we transact, and the ratio is deliberate. Writing is not marketing for us. It is the work.
A thesis that cannot survive being written down plainly was never understood. It was only felt. The discipline of the sentence exposes the gap in the reasoning that the spreadsheet papered over. More than once, explaining a holding to you has talked us out of it.
If we cannot write it plainly, we do not own it confidently.
The letters are also a contract. They put our reasoning on the record, so that when we are wrong, and we will be, you can hold us to what we said rather than what we wish we had said. Trading is easy to do without thinking. Writing is not.
The views above are the firm's own and are provided for information only. They are not investment advice, nor an offer or solicitation to invest. Capital at risk; the value of investments can go down as well as up, and past performance is not a guide to future results.
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