Client Letter
Uber and Self-Driving Cars: The Utilization Problem Nobody Talks About
I took a Waymo with my colleague Cyrus. We were genuinely impressed. It was a seamless experience. Uber is dead, long live Waymo? Not So Fast.
What AI, Tariffs, and Global Uncertainty Mean for Your Portfolio
The future feels less predictable because the range of possible outcomes has expanded. Here is my best attempt to think through that reality with humility, and why you should let me do the worrying for both of us.
When to sell a stock: The Art and Psychology of Selling
Investing is a lot more art than science. I bring a scientist's mindset – I approach problems with an open mind and I am willing to change my mind when data proves me wrong.
London and Scotland: Musicals, Markets, and Memories – Part 3
Our London and Scotland trip blended investing, art, friendship, and father-son memories that made the journey unforgettable.
The Ability to Suffer – Part 2
One important quality great management must have is the ability to suffer, doing the right thing when everyone else is chasing easy gains.
The Art of Rational Irrationality – Part 1
I visited Rolex stores and drank gin and tonics for research. What Rolex and Fever Tree taught me about quality, patience, and irrational excellence in investing.
Cost-Plus Capitalism: Lessons from HII and the Future of Naval Shipbuilding (Part 5)
At HII’s shipyard, I saw how cost-plus capitalism shapes naval shipbuilding: scarce automation, labor shortages, and incentives that reward rising costs.
Why We Bought Aker BP: A Technology-First Oil Company (Part 4)
I stumbled on Aker BP completely by accident. I knew the Lundins had sold Lundin Energy to Aker BP (a Norwegian oil company) and were large shareholders, but I’d never looked at the stock.
Skin in the Game, Steam in the Ground (Part 3)
How I invest begins with trust: every decision is made with my client in mind, focused on long-term survival rather than chasing short-term benchmarks.
Inside Baseball: How We Build Portfolios (Part 2)
Our investment process took a significant step forward by assigning ratings to our companies and help us substantially improve our portfolio construction.
Skating on Thin Ice: Discipline, Doubt, and the Long Game (Part 1)
Our portfolios performed well in 2025, but the market feels like a lake warming in the spring. I want to share my thoughts on why we must be disciplined when skating on thinning ice.
Redefine “value” in this era of the US stock market
Do we need to redefine “value” in this era of the US stock market, or should we continue to sit on the sidelines if traditional metrics show equities to be overvalued?
Current thoughts on Tesla
Tesla market value of $780 billion mostly reflects Elon's future dreams, not car sales. The reality? Only $100-180 billion tied to the actual vehicle business.
Europe Can’t Hide Behind America Anymore
Americans have always outspent Europe on defense, but to be fair, we have a currency advantage. Our military might elevated our currency to reserve status.
The Reputational Bankruptcy of the American Dollar
The US dollar will likely continue to get weaker, which is inflationary for the US. Let me start with some easily identifiable reasons.
The Paranoid Russian Jew Approach to Investing
When asked about his money manager, our long-term client Ed, who became a dear friend, proudly stated, “My money is managed by a paranoid Russian Jew.” This perfectly sums up our approach to investing.
Escaping Stock Market Double Hell
Over the last few years, our portfolio has skewed more international. Today, if you only invest in the US, you're experiencing two stock market hells.
Embracing Stock Market Stoicism
2024 brought me back to a core Stoic principle that I hold close to my heart: the dichotomy of control. We can apply it in investing.
The Infinite Game in Telecom
CHTR, just like Comcast, showed only a very slight decline in broadband customers in the quarter. Most of the decline came from the US government removing subsidies for rural customers.
The AI Revolution
The discussion of AI quickly falls into a domain bordering on Sci-Fi. My thoughts here are only marginally shaped by scientific facts.
The EV Industry Landscape
As a part of a summer letter to IMA clients, I will discuss investments in the EV industry, spurred by the following question from a client.
