2021
- Q2 2021 Investor Letter
- The parallels between today and the tech bubble
- Q1 2021 Investor Letter
- Risk tolerance among investors goes parabolic
2020
- Q4 2020 Investor Letter
- Evaluating fiscal and monetary policy changes as a bottom-up investor
- Evolving into a more focused, concentrated structure
- Airbnb (ABNB), Lyft (LYFT), Pinterest (PINS)
- Q3 2020 Investor Letter
- Square (SQ) & PayPal (PYPL)
- Q2 2020 Investor Letter
- Why we are getting more concerned with investor risk taking
- Q1 2020 Investor Letter
- Analyzing the pandemic’s effect on each holding in the portfolio
- Pounding the table for equities
2019
- Q4 2019 Investor Letter
- Evaluating the firm’s progress at the 3-year mark
- Short selling
- Q3 2019 Investor Letter
- A framework to understand and evaluate a company’s culture
- Why the market is wrong about Netflix (NFLX) and Match Group (MTCH)
- Q2 2019 Investor Letter
- Q1 2019 Investor Letter
- The state of tech investing
- Evaluating stock-based compensation and its prevalence
- Valuation in high-growth stocks
2018
- 2018 Annual Investor Letter
- Annual Review
- Floor & Decor (FND)
- Q2 2018 Investor Letter
- How investors are underexposed to software stocks
- Electronic Arts (EA) / Tripadvisor (TRIP)
2017
- Manager Outlook for 2018 (FROM 2017 ANNUAL LETTER) | 2017 Annual Investor Letter (FULL)
- Review of 2017 and outlook for 2018
- Bull markets, bear markets, and timing
- Q3 2017 Investor Letter
- Evaluating durability of earnings growth
- Decoupling multiple expansion and earnings growth within stock price movements
- Q2 2017 Investor Letter
- Trends within the portfolio
- Brief discussion of investing edge
- Q1 2017 Investor Letter
- Evaluating growth and value valuations from a historical perspective