Annual Letters

Annual Letters / December 31, 2020

Annual Letter 2020

What an end to a year. A change of leadership south of the border is not without its challenges. Our quarantine against the pandemic has resulted in a holiday lacking in personal intimacy as, despite the amazing technological advances, Zoom calls do not replace giving your loved ones a hug. Always winter. Never Christmas. We […]

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Annual Letters / December 31, 2019

Politically Polarized

As we enter the new decade, a few random thoughts on the past year and the path we may tread in the months to come. “Beware of my partisanship, my mistakes of fact and the distortion inevitably caused by my having seen only one corner of events.” George Orwell We live in a politically polarized […]

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Annual Letters / December 31, 2018

Yearning for Order

On this first business day of the new year, I’m pleased to attach our 2018 annual letter. A few key thoughts: Global growth is slowing, but high-quality companies in specific areas of the market still offer opportunity The need for a US alternate source of revenue is driving tariff and trade wars – though the […]

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Annual Letters / December 31, 2017

Risk and Conviction

“Since others may be smart, well‐informed and highly computerized, you must find an edge they don’t have. You must think of something they haven’t thought of, see things they miss, or bring insight they don’t possess. You have to react differently and behave differently.” – Howard Marks It has been a year of escalating risk. […]

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Annual Letters / December 1, 2016

The Times They Are A-changing

“Come writers and critics, who prophesize with your pen And keep your eyes wide, the chance won’t come again And don’t speak too soon, for the wheel’s still in spin And there’s no telling who that it’s naming, for the loser now will be later to win Cause the times they are a‐changing” Bob Dylan, […]

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Annual Letters / December 1, 2015

Taking a Punch

“Mental strength is really important because you either win or lose in your mind. And I’m not solely talking about sporting matches, boxing events ‐ anything you do, you do it first with your mental strength.” —Wladimir Klitschko, former world champion boxer Boxing, known as the “sweet science”, and investing have similar traits. Many, if […]

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Annual Letters / December 15, 2014

Good to Great

“Bear in mind, Sancho, that one man is no more than another, unless he does more than another.” –Don Quixote de la Mancha In the novel by Miguel de Cervantes, Don Quixote is a somewhat mad, middle‐aged gentleman obsessed with chivalrous ideals. Along with his equally‐befuddled partner Sancho, Quixote takes up his lance and sword […]

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