Performance⁽⁰²⁾

Investor Update

Dear Investors

I plan to send a short monthly update whenever there are meaningful developments. These will typically be shared at the end of each month. As a starting point, I am sending one now.

Markets generate constant noise. The work is in staying focused on signal. I limit myself to a small group of businesses that I can reasonably value. My threshold for what qualifies as “cheap” is intentionally high, because margin of safety is what creates resilience.

As Charlie Munger said, “The big money is not in the buying or the selling, but in the waiting.” And, “Time discovers truth.” Prices can move sharply in either direction, but over time, value asserts itself.