First Quarter 2023 Investors Letter
“Banking is necessary. Banks are not.”
– Bill Gates
Click here to download First Quarter 2023 Letter or view it in a new window
Quarterly Letter
Fouth Quarter 2022 Investors Letter
“The secret of change is to focus all of our energy not on fighting the old, but on building the new.”
– Socrates
Click here to download Fourth Quarter 2022 Letter or view it in a new window
Third Quarter 2022 Investors Letter
“Inflation is taxation without legislation.”
– Milton Friedman
Click here to download Third Quarter 2022 Letter or view it in a new window
Second Quarter 2022 Investors Letter
“Appear weak when you are strong, and strong when you are weak.”
–Sun Tzu, The Art of War
Click here to download Second Quarter 2022 Letter or view it in a new window