Executive Summary The third quarter of 2025 extended the year’s remarkable market resilience amidst a ...

Quarterly Letter “To swim a fast 100 meters, it’s better to swim with the tide than to wor...

Quarterly Letter “Anyone who lives within their means suffers from a lack of imagination.”  ...

Introduction Much has changed since we ended March on a dour note, with the S&P down nearly 6% tha...