Broyhill 2020 Annual Letter
We are pleased to share our annual letter to investors. Click here or on the image below for an update on portfolio activity, an...
February 23, 2021
Broyhill Mid-Year Letter
We are pleased to share our mid-year letter to investors. Click here or on the image below for an update on portfolio activity through...
August 20, 2020
Broyhill 2019 Annual Letter
We are pleased to share our 2019 year-end letter to investors. Click here or on the image below for an update on portfolio performance,...
February 18, 2020
Broyhill 2019 Mid-Year Letter
We are pleased to share our 2019 mid-year letter to investors. Click here or on the image below for an update on portfolio performance,...
August 26, 2019
Broyhill 2018 Annual Letter
We are pleased to share our 2018 annual letter to investors. It would have gone out sooner, but we pushed it aside as...
February 28, 2019
Late Cycle Behavior
In case you missed it, now may be a good time to revisit, the value in boredom relative to the allurement of excitement. A...
November 21, 2018
Grant’s: Better at a Discount
We have been "paid-up subscribers" to Grant's Interest Rate Observer ever since we heard Baupost Group's Seth Klarman recommend that young investors read...
September 18, 2018
Buffett’s Lucky Bet
Pilotless planes will routinely fly passengers by 2030. Machine intelligence will have passed the "Turing Test" by 2029. These are two examples of Long Bets sited in...
March 3, 2017
A Dangerous Mindset
In our mid-year letter to investors, we explained that weird stuff happens when rates fall below zero. The bottom line, while difficult to...
August 30, 2016
The Gold Bug
Early in the 20th century, the British economist John Maynard Keynes changed his position on monetary policy during the Great Depression famously stating,...
August 12, 2015