Links & Letters

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"From all my teachers I have grown wise."

Investing is the ultimate "decision" business. Here we provide some insight into what drives ours.

These investor letters outline our thoughts, ideas and investments and provide readers some practical method of assessing what we do and why. Like our blog, it will act as an open book of ideas about patient investing. 

It is not our aim to write soporific narratives tying up all the loose ends on the state of the markets, politics or the global economy. We do not know the future.

But what we do know, about our investments, about our performance and about ourselves, will likely be found here. To learn more, please contact us.

Investor Letters

2019: 1Q19, 2Q19, 3Q19, 4Q19 / Year End
2018: 1Q18, 2Q18, 3Q18, 4Q18 / Year End
2017: 1Q17, 2Q17, 3Q17, 4Q17 / Year End
2016: 2016 Year End

Ideas, Presentations & Board Letters

MOI Best Ideas 2019 (INS Presentation & Transcript)
Data I/O - DAIO (submitted to SumZero 11/25/18)
Letter to CTEK Board (9/17/18)
Invuity - IVTY (acquired 9/11/18)