ANNUAL LETTERS
Annual shareholder letters.
Every year we write a long, unvarnished letter about what we bought, what we sold (nothing), what we learned, and where we think this is all going.
2024 Annual Letter
What we bought, what we built, and what we're thinking about as we enter our sixth year as a holding company.
2023 Annual Letter
Five years of building, buying, and learning — our 2023 letter to shareholders.
2022 Annual Letter
Our 2022 letter: a year of acquisitions, learnings, and building in public.
2021 Annual Letter
Our first public annual letter — building a holding company from the ground up.