Considered commentary.
We publish sparingly and only when we have something to say. Our letters and memoranda are written by the partners who serve our clients.
On the Permanence of Patience
A reflection on holding periods, compounding, and the unfashionable virtues of doing very little, very well.
The Case for Physical Gold
Why allocated, segregated precious metals remain a meaningful component of portfolios designed to endure across regimes — and the practical questions of custody, jurisdiction, and reporting.
Commodities and the Long Cycle
Energy, agriculture, and industrial metals viewed through the lens of long-horizon supply cycles. Notes on positioning for an era of constrained capital expenditure.
Teaching the Next Generation
Stewardship is not inherited; it is taught. Notes on preparing heirs for the responsibility of capital — including capital held in forms their parents never imagined.
Inheriting Digital Assets
Cryptocurrency does not pass through probate the way a brokerage account does. A practical guide for families with material digital holdings.
Of Markets, Cycles, and Memory
An extended bull market has now claimed an entire generation of investors who have never experienced a sustained drawdown. Implications for portfolio construction.
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Quarterly letters and the occasional memorandum. Nothing else.