Client Letter

Investing in the Bottlenecks

June 8, 2026

June 2026 Client Letter

It’s not often that my wife and I disagree. After 25 years of marriage, we tend to be on the same page about most things. A few months ago, that changed.

Investing in the Foundations of Modern Technology

May 12, 2026

May 2026 Client Letter

As we watched the Masters last month, my son mentioned something I had never considered: Augusta’s bright-white bunker sand is quartz. I had always noticed how striking it looked against the green fairways but not much beyond that.

Educated at Checkout

April 13, 2026

April 2026 Client Letter

There are certain reality checks that only your children can deliver.

Investing in What’s Difficult to Replicate

March 10, 2026

March 2026 Client Letter

I have never followed luxury brands closely, but one thing has consistently caught my attention: Bernard Arnault’s place near the top of global wealth rankings.

Investing in Signals

February 10, 2026

February 2026 Client Letter

In March of 2023, I was aboard the Celebrity Beyond, somewhere between ports, when something surprised me. Even though I had promised myself to unplug from the markets for a few days, I couldn’t resist. Silicon Valley Bank had collapsed shortly before we shoved off from Fort Lauderdale, and I was concerned about what its failure could mean for the financial system and for our investments more broadly.