Quarterly letters to investors.
Each quarter we write honestly about what worked, what didn't, and what we think comes next. The archive goes back to our founding in 2016. These letters are intended for the accredited investors we work with — we share them here as an open invitation to how we think.
2026
2025
Full Year 2025 · January 2026
White Brook Capital Full Year 2025 Commentary
Read the letter → Q3 2025 · October 2025Third Quarter 2025 Investor Letter
Read the letter → Q2 2025 · July 2025Second Quarter 2025 Investor Letter
Read the letter → Q1 2025 · April 2025First Quarter 2025 Investor Letter
Read the letter →2024
Q4 2024 · Macroeconomic
Fourth Quarter 2024 Macroeconomic Commentary
Read the letter → Q4 2024 · Individual InvestmentsFourth Quarter 2024 Individual Investments Commentary
Read the letter → Q3 2024Third Quarter 2024 Investor Letter
Read the letter → Q2 2024Second Quarter 2024 Investor Letter
Read the letter → Q1 2024First Quarter 2024 Investor Letter
Read the letter →2023
2022
2021
2020
Q4 2020
Fourth Quarter 2020 Investor Letter
Read the letter → Q3 2020Third Quarter 2020 Investor Letter
Read the letter → Q2 2020Second Quarter 2020 Investor Letter
Read the letter → Q1 2020First Quarter 2020 Investor Letter
Read the letter → Insight · 2020Auto Electrification
Read the insight → Insight · 2020Current Thoughts
Read the insight →2019
2018
Q4 2018
Fourth Quarter 2018 Investor Letter
Read the letter → Q3 2018Third Quarter 2018 Investor Letter
Read the letter → Q2 2018Second Quarter 2018 Investor Letter
Read the letter → Q1 2018First Quarter 2018 Investor Letter
Read the letter → Outcome · 2018Envision Healthcare (EVHC) — Acquired
Read the note → Outcome · 2018Integrated Device Technology (IDTI) — Acquired
Read the note →2017
Q4 2017
Fourth Quarter 2017 Investor Letter
Read the letter → Q3 2017Third Quarter 2017 Investor Letter
Read the letter → Q2 2017Second Quarter 2017 Investor Letter
Read the letter → Q1 2017First Quarter 2017 Investor Letter
Read the letter → Ad Hoc · April 2017Silver Spring Networks
Read the memo → Ad Hoc · 2017Amazon Minority Report
Read the memo → Ad Hoc · 2017The White Brook Asset Quotient
Read the memo → Outcome · 2017Snyder's-Lance — Acquired
Read the note → Outcome · 2017Silver Spring Networks — Acquired by Itron
Read the note →2016
Q4 2016
Fourth Quarter 2016 Investor Letter
Read the letter → Q3 2016Third Quarter 2016 Investor Letter
Read the letter → Q2 2016Second Quarter 2016 Investor Letter
Read the letter → Q1 2016First Quarter 2016 Investor Letter
Read the letter → Ad Hoc · May 2016Snyder's-Lance
Read the memo → Ad Hoc · September 2016Chipotle
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