Broyhill Annual Letter

We are pleased to share our annual letter to investors.

Click here or on the image below, for an analysis of performance and portfolio activity through the second half of the year, hallmarks of financial manias and an inventory of speculative madness, why we prefer the steady pace of the tortoise rather than risk burning out like the hare, and an accompanying write-up on a new core investment in a Cheap Incumbent available here.

Since this one is slightly longer than usual, we encourage our investors to read the organizational update provided at the end of this letter, along with the recent job opening at Broyhill.

Please let us know if anyone comes to mind as a potential fit, as referrals from trusted friends will be placed at the top of our list.