2Q20 Letter to Shareholders

In the second quarter of 2020, we returned +42% vs. the S&P 500 at +20%. Why we're focused on the butterfly effect right now.

July 06, 2020


1Q20 Letter to Shareholders

In the first quarter of 2020, we returned -14% compared to the S&P 500 of -20%. Our take on the current crisis is below.

April 02, 2020


Pinterest: A Rare Bargain

It operates a top 50 worldwide website and mobile app. Even better, it has a great business model: high-value searches that deliver results with rich and relevant advertising. Our analysis below.

February 13, 2020


Airbnb: The Next Great IPO

Airbnb has powered nearly $100 billion in bookings, changing how the world travels. Armed with a cash-generating business model in one of the biggest industries, they are primed to perform post-IPO.

January 31, 2020



Find the Next Apple

A $1,000 investment in Apple 20 years ago is worth $87,000 today. Online tools have made it easier than ever to help find the next multi-decade stock market winner.

January 20, 2020