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Most Recent Letters

December 2025

31 December 2025

April 2025

2 April 2025

2020 Annual

2020

24 March 2020

2019 Annual

2018 Annual

Previous Letters

2017 Annual

Our stock portfolio had been powering along until mid-summer, with market-beating numbers overall, but we did not keep the pace into the end of the year. Although some of our stocks kept going up, others pulled us back, and on average, our relative performance was below the major market indexes.

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2017 Semi-Annual

2017 1st Quarter

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2016 Annual

2014 Annual

2013 Annual

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2012 Annual

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2011 Annual

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2010 Annual

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2009 Annual

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2008 Annual

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2008 Financial Crisis

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2007 Annual

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2006 Annual

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2005 Annual

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2004 Annual

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2003 Annual

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2002 Annual

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2001 Annual

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