Q3 2026 · October 2026
Commentaries
Quarterly letters to investors
The letters record what we thought at the time, the investments we discussed, and the developments affecting the portfolio. The archive goes back to 2016, so you can follow our reasoning across different markets.
2026
Read the letter
Q2 2026 · Video commentary
Second Quarter 2026 Video Commentary
Q1 2026 · April 2026
First Quarter 2026 Investor Letter
Our outlook on energy costs, interest rates, and AI, alongside updates on individual investments.
2025
Full year 2025 · January 2026
Full Year 2025 Investor Letter
Q3 2025 · October 2025
Third Quarter 2025 Investor Letter
Q2 2025 · July 2025
Second Quarter 2025 Investor Letter
Q1 2025 · April 2025
First Quarter 2025 Investor Letter
2024
Q4 2024 · Macroeconomic
Fourth Quarter 2024 Macroeconomic Commentary
Q4 2024 · Individual investments
Fourth Quarter 2024 Individual Investments Commentary
Q3 2024
Third Quarter 2024 Investor Letter
Q2 2024
Second Quarter 2024 Investor Letter
Q1 2024
First Quarter 2024 Investor Letter
2023
Q4 2023
Fourth Quarter 2023 Investor Letter
Q3 2023
Third Quarter 2023 Investor Letter
Q2 2023
Second Quarter 2023 Investor Letter
Q1 2023
First Quarter 2023 Investor Letter
2022
Q4 2022
Fourth Quarter 2022 Investor Letter
Q3 2022
Third Quarter 2022 Investor Letter
Q2 2022
Second Quarter 2022 Investor Letter
Q1 2022
First Quarter 2022 Investor Letter
2021
Q4 2021
Fourth Quarter 2021 Investor Letter
Q3 2021
Third Quarter 2021 Investor Letter
Q2 2021
Second Quarter 2021 Investor Letter
Q1 2021
First Quarter 2021 Investor Letter
2020
Q4 2020
Fourth Quarter 2020 Investor Letter
Q3 2020
Third Quarter 2020 Investor Letter
Q2 2020
Second Quarter 2020 Investor Letter
Q1 2020
First Quarter 2020 Investor Letter
Insight · 2020
Auto Electrification
Insight · 2020
Current Thoughts
2019
Q4 2019
Fourth Quarter 2019 Investor Letter
Q3 2019
Third Quarter 2019 Investor Letter
Q2 2019
Second Quarter 2019 Investor Letter
Q1 2019
First Quarter 2019 Investor Letter
2018
Q4 2018
Fourth Quarter 2018 Investor Letter
Q3 2018
Third Quarter 2018 Investor Letter
Q2 2018
Second Quarter 2018 Investor Letter
Q1 2018
First Quarter 2018 Investor Letter
Outcome · 2018
Envision Healthcare (EVHC) — Acquired
Outcome · 2018
Integrated Device Technology (IDTI) — Acquired
2017
Q4 2017
Fourth Quarter 2017 Investor Letter
Q3 2017
Third Quarter 2017 Investor Letter
Q2 2017
Second Quarter 2017 Investor Letter
Q1 2017
First Quarter 2017 Investor Letter
Ad hoc · April 2017
Silver Spring Networks
Ad hoc · 2017
Amazon Minority Report
Ad hoc · 2017
The White Brook Asset Quotient
Outcome · 2017
Snyder’s-Lance — Acquired
Outcome · 2017
Silver Spring Networks — Acquired by Itron
2016
Q4 2016
Fourth Quarter 2016 Investor Letter
Q3 2016
Third Quarter 2016 Investor Letter
Q2 2016
Second Quarter 2016 Investor Letter
Q1 2016
First Quarter 2016 Investor Letter
Ad hoc · May 2016
Snyder’s-Lance
Ad hoc · September 2016
Chipotle
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