Regular communications with our clients on portfolio performance and market outlook
Transparency through regular, candid quarterly letters
We are committed to communicating with our clients in an honest manner. Whilst we are open to discussion at any time, our analysis of performance is formally communicated to clients through letters every quarter. Special emphasis is given to mistakes. Winners may be the product of the generosity of Mr. Market; however, mistakes clearly reflect our acts of commission and omission.
Below you can find our archived letters to clients, organized by year. These demonstrate our consistent communication and adherence to our value investing philosophy over the years.