Last week we celebrated our ten year anniversary as a firm. To mark that milestone, we’ve decided to frame this letter using quotes from our earlier writing. If you have read our letters, you will have noticed several things. First of all, you will see that our contrarian, value-based approach of exploiting investor behavioral biases has been consistent over time, despite the comings and goings of various fads and narratives. While this “does leave us vulnerable to looking foolish around extremes and turning points,” (2024) that discipline has rewarded us handsomely over time. Second, you will also see a narrative arc. Our earlier letters are filled with the humdrum of our typical investment process – what we bought and why. Our more recent letters obviously still include investment theses, but over time they have also become saturated with increasingly dire forecasts for the US stock market. We don’t think we’ve changed over the past decade. We think the market has.