Why You Shouldn’t Underestimate This Industry’s Potential

I wrote this from the fifth annual SaaStr conference in San Jose, California, surrounded by 12,500 other attendees, sharing time with executives representing more than

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The “Whole Portfolio” Approach to Investing

Soon after our recent commentary on investing in stocks when risk appears to be on the upswing, the annual investor letter from Seth Klarman—CEO and

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Investing During Adversity

The return of volatility to the stock market has many presumed and logical causes, including: Slower earnings growth Rising interest rates New U.S. home sales

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The Long and Short of our Stocks

Every investment manager will tell you that they buy exceptional companies that have competitive advantages. Even we say it. But without additional context, that statement

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The Short Story on Our Shorts

We strive to own a portfolio of leading companies that will grow in value the more we let them alone—even as we, of course, watch

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