Despair is a Luxury
Fourth Quarter 2025 Review
Our quarterly letters offer a clear-eyed assessment of market conditions, economic developments, and the strategic decisions shaping our investment approach. Each edition begins with perspective from our CEO, followed by market insights from our CIO, and updates from our Shareholder Activism and Outside Investments teams.
We invite you to explore our most recent Quarterly Letter to see how we are responding to a complex and rapidly changing environment with discipline, transparency, and an unwavering commitment to our values.