2017 Q3 - Investment Letter (CBRE)

2017 Q3 - Investment Letter (CBRE)

The S&P 500 continued its upward march during the third quarter, posting a 4.48% gain.[1] In our last letter, we concluded by outlining the core tenets of our investment strategy. In preparing to write this one, we noticed a slight but important adjustment to what we wrote, so we’ll repeat the relevant section below: “We …

2017 Q2 - Investment Letter (Alphabet)

2017 Q2 - Investment Letter (Alphabet)

The S&P 500 posted a 3.09% gain during an uneventful second quarter.[1] Despite this relative tranquility, we were able to acquire a new position in Alphabet (GOOG) at what we believe were attractive prices. Because the world changes so much over time, and at seemingly accelerating rates, successful investors must wholeheartedly embrace continuous learning. We …

2016 Q3 - Investment Letter (Malthus)

2016 Q3 - Investment Letter (Malthus)

During the third quarter, despite a uniquely dysfunctional election season, the S&P 500 generated a solid 3.85% gain.[1] While the randomness of short-term market movements clearly could have yielded a different result, we are nevertheless amused by the apt metaphor that this turn of events offers up. In the face of considerable uncertainty and numerous …