Letters & Memos
-
The Illusion of Infinite Liquidity
An examination of second-order effects in prolonged expansionary cycles, and the inevitable return to intrinsic value.
-
Gravity and the Cost of Capital
Why zero-interest rate environments distort the perception of risk, and how to allocate when the cost of money normalizes.
-
On Endurance: A Primer
The founding memo outlining our framework for surviving irrational markets and the preservation of generational wealth.