Annual Letters

The transition to institutional mandates — what changes, what does not, and why the concentrated, long-term philosophy is unaffected.

A year without new long positions, and the case that current market exuberance is historically unusual.

The edges that did and did not matter in the first five years, and a more exacting standard for judgment and risk control.

Confronts the Qurate Retail mistake and sets out the reasoning behind the short book.

Crypto and speculative assets, a warning against market euphoria, and the merits of disciplined, value-driven investing.

AerCap and Sallie Mae through the COVID crisis — concentration and composure under extreme volatility.

Introduces Philip Equities — concentrated, rational investing and the case for backing a young, emerging manager.