Quarterly Letter Excerpts

Myside Bias, as detailed by Professor Keith Stanovich in his wonderful book The Bias That Divides Us is a unique risk. It is uncorrelated with intelligence, as many other forms of bias are. This makes it a silent killer for investors.

It is our belief that capital markets are becoming increasingly reflexive. They are more financialized, reflecting flows ahead of fundamentals and all that entails. An excerpt from our 4Q21 investor letter.