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 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.
Investing In What Doesn’t Announce Itself
January 2026 Client Letter
January has a way of pulling our attention forward. Investors start asking what the year ahead might bring and whether the decisions they carried into the new year still make sense. After a year filled with fast-moving headlines and changing narratives, that reaction is understandable.
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