December 2025 Client Letter

Recently, as I sat in my office, it occurred to me this was the first time in roughly two decades when I didn’t make it back to Rhode Island during the summer—and the first in which I didn’t take a single flight. A few factors contributed, but the primary reason was the unusually large number of meaningful market and policy developments throughout the year…

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October 2025 Client Letter

Last month, I wrote about Apple as a modern-day consumer staple, a company whose products have become integral to everyday life. The iPhone helps us communicate, navigate, research, shop, and stay connected in ways that are second nature…

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September 2025 Client Letter

Last month, I drove my son to Gainesville to begin his junior year at the University of Florida. Moving into the fraternity house began with an introduction to a black box mounted beside the front door. It was a newly installed contactless entry system powered by near field communication (NFC). The brotherhood simply tap their phones near the reader to gain entry.

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August 2025 Client Letter

In an age of constant media churn, politics often dominates the news headlines. For investors, this sometimes makes it challenging to separate fact from opinion or find a clear, nonpartisan view of what’s really happening. Many are understandably frustrated when one network reports a story one way, only to hear a completely different take on another. This kind of polarization can make it harder to invest with confidence.

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July 2025 Client Letter

With two teenage boys at home—one back from the University of Florida and the other heading into his senior year of high school—mealtime is a high-volume operation in our kitchen. The amount of protein they go through is astonishing…

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