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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

Q1 2026 · April 2026

First Quarter 2026 Investor Letter

Our outlook on energy costs, interest rates, and AI, alongside updates on individual investments.

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2025
2024

Q4 2024 · Individual investments

Fourth Quarter 2024 Individual Investments Commentary

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2023
2022
2021
2020
2019
2018
2017
2016

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