Investor Letters
Half-Year 2026 Investor Letter
Short-term narratives increasingly drive stock prices. This makes it all the more important to build your own conviction rather than follow them blindly.
Full Year 2025 Investor Letter
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.
Investor Letter: First Half of 2025
The investor letter focuses on the topic of retail media, which is playing an increasingly important role in the Intrinsic Fund’s investments.
Full Year 2024 Investor Letter
New investment in Wise, which is building competitive advantages through continuous price reductions for cross-border transfers.
Investor Letter Half-Year 2024
A review of the Intrinsic Fund's first 5 years, including a detailed analysis of two of my investment mistakes during that period.
Full Year 2023 Investor Letter
Write-up on the new investment in the Brazilian digital bank Nubank, the largest digital bank globally outside of China.
Investor Letter First Half 2023
In this letter I describe different forms of knowledge, which Charlie Munger often described with an anecdote about Max Planck.
Full Year 2022 Investor Letter
Hostelworld, the leading booking platform for hostels, is building a social network to further differentiate itself from its competitors.