Links & Letters

"From all my teachers I have grown wise."

Investing is a decision making business based on “what’s changing”.

Our investment decisions are reason-based and derived from mental models honed over nearly two decades and hundreds of repetitions analyzing companies and industries.

The quarterly letters and presentations below share our thoughts on what we know about our investments and why we own them at the size we do. They aren’t designed to tell “what just happened” but to describe how the future might unfold and why. To learn more, see Long Cast’s tear sheet and let’s connect.

Investor Letters

2024: 1Q24, 2Q24, 3Q24, 4Q24/Year End
2023: 1Q23, 2Q23, 3Q23, 4Q23/Year End
2022: 1Q22, 2Q22, 3Q22, 4Q22/Year End
2021: 1Q21, 2Q21, 3Q21, 4Q21/Year End
2020: 1Q20, 2Q20, 3Q20, 4Q20/Year End
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

Presentations & Podcasts

Tear Sheet (as of 1Q24)
Value Hive with Brandon Beylo (Podcast, July 2023)
Idea Brunch with Edwin Dorsey (Interview, May 2023)
Planet Microcap with Bobby Kraft (Podcast, Jan 2023)
Yet Another Value Blog (Podcast, Dec 2022)
Capital Employed (Podcast, Feb 2022)
MOI Best Ideas 2019 (INS Presentation & Transcript)
Data I/O - DAIO (submitted to SumZero 11/25/18)