Mid-Year 2026 Outlook: Positioning for a Higher-for-Longer World
Our reading of the rate environment, where we see complacency in consensus positioning, and the specific portfolio adjustments we are weighing for the second half.
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Every letter we have written to clients — performance, attribution, and candid accounting of our decisions.
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The internal memoranda behind the portfolio — see how each position earned its place before capital was committed.
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(802) 362-2303Recent Memoranda
Q1 2026 Portfolio Performance and Allocations
An exclusive review of our portfolio performance, equity valuations, and strategic adjustments to our core quality holdings.
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The Economic Moat as a Core Investment Thesis
In this briefing, we explore the microeconomic principles of competitive advantage, outlining how to identify enduring economic moats.
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Research Note: The Widening Moat in Global Payment Networks
An inside look at our underwriting of the network-effect businesses at the core of the portfolio — unit economics, threat assessment, and where consensus underestimates duration.
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The Patience Premium — Time Arbitrage as a Durable Edge
Most market participants compete on information and speed. We compete on time horizon — the last durable advantage available to the disciplined investor.
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A Letter from Manchester — Investing Away from the Noise
Why we manage capital from a village in Vermont rather than a tower in Manhattan, and what distance from the consensus is actually worth.
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2025 Annual Letter to Clients
A full-year review of the Core Quality Portfolio — performance against our benchmark, the decade ahead for our largest holdings, and a candid accounting of what we got wrong.
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