Reflections
Third Quarter 2025 Review
2025 has been a challenging year — a true test of our values and our approach to investing. Every day brings new assaults on democracy, rights, and human dignity, mirrored in financial markets by a single-minded chase for profit regardless of the damage done along the way.
We have not participated in the wild run-up of the stock market, driven largely by AI euphoria and an aggressive U.S. posture on the world stage. The quality companies we invest in — those solving real problems, treating workers with dignity, and operating within ecological limits — have been largely overlooked in favor of momentum stocks tied to AI, nuclear energy, fossil fuels, and defense. We do not want to profit from companies contributing to death and destruction, and we remain confident that our long-term, values-driven approach will endure.
Please read our full Q3 letter to go deeper — including our analysis of the AI economy, our fixed income strategy, and major updates from our shareholder activism work, including our ongoing engagement with Microsoft on human rights and our fight to protect the shareholder proposal process.