Letters & occasional papers.
We write infrequently, by intention. What follows is the public record of letters and essays issued by partners of the firm. The annual letter to principals is sent privately by post.
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14.III.2026
Letter
On owning the boring half of the index.
A note on dispersion, the cost of momentum, and the case for the unfashionable two-thirds of the listed universe. By Charles Aspinall.
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02.XI.2025
Essay
The cost of conviction in a market that pays for noise.
On the discipline of holding through periods in which the manager appears, by any conventional measure, to be wrong. By Adelina Marwick.
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21.VII.2025
Paper
Notes on succession: when the heir is the harder problem.
Twenty years is a short horizon for a family programme. Some thoughts on what to begin, and when. By Sofia Vendramin.
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08.III.2025
Letter
Rates, regimes, and the patient allocator.
On the danger of confusing a change in the price of money with a change in the nature of the world. By Henry Oduya.
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17.X.2024
Letter
A decade in: what we have learned, and what we still find difficult.
Reflections on the firm's first ten years, with apologies for the indulgence. By the partners.
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04.IV.2024
Essay
Private capital, plain language.
An attempt to describe what we do, and do not, find attractive in private market structures. By Olu Bankole.
To receive future letters, please request an introduction. The annual letter is sent by post.