First Quarter 2018 Investors Letter
“Fragility is the quality of things that are vulnerable to volatility.”
Nassim Nicholas Taleb
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Quarterly Letter
Fourth Quarter 2017 Investors Letter
“For last year’s words belong to last year’s language and next year’s words await another voice. And to make an end is to make a beginning.”
T.S. Eliot
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Third Quarter 2017 Investors Letter
“The two most powerful warriors are patience and time.”
Leo Tolstoy
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Second Quarter 2017 Investors Letter
“It is easier to forgive an enemy than to forgive a friend.”
William Blake
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