Rising interest rates take no prisoners; market action in 2022 was no exception to this rule. In this annual review letter, I: 1. Review...

In the first part of 2022, undercurrents that began to appear in 2021 turned into riptides, sending stock and bond markets down in...

"It really feels good to get back and be doing this in person. It’s been three years. And it’s a lot better seeing actual shareholders,...

In this edition of the newsletter, I: 1. Discuss the end of the "Roaring 2020s" 2. Review performance in 2021 against a changing market...

In the August 2021 edition of the newsletter, I: 1. Discuss the increasingly frothy state of venture capital 2. Outline a case against...

"In first quarter [of 2020] we actually showed a loss of almost $50 billion. I never thought I’d ever see a figure like that. And...