Small Cap Q4 2025 Commentary
Strong Results Continue 2025 was an excellent year for our investments and the fifth year out of six in which we beat the Russell 2000, the general small cap index. Performance, since inception, has been exceptional both relative to the small-cap index and compared with most public-market indexes. From the beginning, my goal has been […]
December 2025 Monthly Letter
Happy New Year! A year ago, few market prognosticators projected a third consecutive year of double-digit gains for the major equity indices in 2025. Many were still forecasting a recession that had eluded them in both 2023 and 2024. As it turned out, 2025 delivered a broad-based, all-asset bull market—surprisingly led by Gold (+64%) and […]