2024 Year-End Letter: Yesterday's Papers

I felt as if I were listening to the Rolling Stones' song "Yesterday's Papers" reading headlines from 2024, which largely mirrored those from 2023. Strong market performance, led by US stocks and specifically large-cap tech (Magnificent Seven!) accompanied by solid absolute investment results for me, which lagged badly on a relative basis. Direct holdings, once again shone brightest. In this year-end newsletter, I:

1. Review 2024 performance and discuss an interesting new wrinkle for two of my investee companies (both are Magnificent Seven stocks)

2. Relay the costly tale of a "special situations" investment

3. Take stock of recent business performance from a number of leading Chinese technology companies

  As always, I look forward to hearing your thoughts, comments, and criticisms.

Please feel free to share this letter or reach out to me for further discussion by replying to this email or reaching out on Twitter: @conover_ab.

Thank you,

Andrew C. Burns, Jr.

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