Description of the South African investment holding Argent Industrial, which generates most of its profits in Europe and trades on a P/E ratio of 5.

The investor letter focuses on the topic of Retail Media, which is playing an increasingly important role in the investments of the Intrinsic Fund.

New investment in Wise, which is building competitive advantages through continuous price reductions for cross-border transfers.

A review of the Intrinsic Fund's first 5 years, including a detailed analysis of two of my investment mistakes during that period.

In this letter I describe different forms of knowledge, which Charlie Munger often described with an anecdote about Max Planck.

Hostelworld, the leading booking platform for hostels, is building a social network to further differentiate itself from its competitors.

This investor letter deals with the importance of careful preparation in order to survive extreme situations.