12/3/25

The tech visionary who can’t small-talk, the billionaire with dyslexia who daydreams big, the ADHD entrepreneur who paces like a madman – they all succeeded not by masking their neurodivergence, but by embracing it.

8/1/25

At its most basic level, orchestrating the greatest financial engineering of the century.

3/1/25

From Speculation to Allocation: Predictions for 2025

13/6/24

Palantir will eat the world.

7/5/24

Kinsale represents a rare combination of a defensible competitive position, strong management alignment, and a large market opportunity. The recent pullback provides an attractive entry point for what could be a multi-year compounder. This is the kind of business that doesn't look obviously cheap but has the potential to grow into its valuation and then some.

25/4/24

In this letter, We’ll be pulling back the curtain on the founder’s life Willis Johnson, from his time in the Vietnam War to his various business endeavors, and how these experiences molded his approach to business and ultimately, Copart’s triumph.

10/1/24

One of the most interesting aspects of Smith’s commentary is the concept of “Smith’s Law,” where he argues that expressions should not be used if their opposite is nonsensical. For example, he questions whether anyone would admit to a policy of “indiscriminate acquisitions” when discussing a strategy of “select acquisitions.” This observation highlights the importance of using language that accurately reflects an organization’s intentions and actions.

22/12/23

This is one of the highest-quality business we've analyzed in the past decade. Leonard has built a perpetual motion machine for capital allocation that we believe will compound at 15-20% for the next decade, even with the scaling headwinds. The combination of mission-critical software, sticky customers, decentralized operations, and unmatched M&A capabilities creates a moat that's getting wider, not narrower. Key monitoring points are the success of larger acquisitions and any ventures outside VMS. But in Leonard we trust - he's the closest thing to Buffett we've seen in software.

9/12/23

The optimism bias is often compounded by the illusion of control. People tend to believe that they can influence outcomes even when their control is minimal or non-existent. This phenomenon is evident in behaviors such as paying more for a lottery ticket with self-selected numbers, as if the act of choosing the numbers makes them more likely to win.

26/10/23

In 2014, at the age of 92, Read passed away. It was at this moment that the unassuming rural janitor garnered international attention. He had amassed a fortune of over $8 million. How did he do it?