https://letters.ezrasnotes.com/ New letters from the value investors Ezra reads, linked to the source. en Mon, 09 Nov 2026 17:50:13 +0000 https://wedgewoodpartners.com/wp-content/uploads/2026/01/WW_4Q2025ClientLetter.pdf https://wedgewoodpartners.com/wp-content/uploads/2026/01/WW_4Q2025ClientLetter.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://focusdst.com/wp-content/uploads/2022/08/Wedgewood-Partners-Second-Quarter-2025-Client-Letter-A-Day-in-the-Stock-Market-Life.pdf https://focusdst.com/wp-content/uploads/2022/08/Wedgewood-Partners-Second-Quarter-2025-Client-Letter-A-Day-in-the-Stock-Market-Life.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://wedgewoodpartners.com/wp-content/uploads/2025/01/WW_4Q2024_Client_Letter_Curb_Your_Enthusiasm.pdf https://wedgewoodpartners.com/wp-content/uploads/2025/01/WW_4Q2024_Client_Letter_Curb_Your_Enthusiasm.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://wedgewoodpartners.com/wp-content/uploads/2024/10/3Q2024_PowellandCoTakeItEasy.pdf https://wedgewoodpartners.com/wp-content/uploads/2024/10/3Q2024_PowellandCoTakeItEasy.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://wedgewoodpartners.com/wp-content/uploads/2024/04/Wedgewood-Partners-First-Quarter-2024-Client-Letter-The-Magnificent-Roaring-20s-1.pdf https://wedgewoodpartners.com/wp-content/uploads/2024/04/Wedgewood-Partners-First-Quarter-2024-Client-Letter-The-Magnificent-Roaring-20s-1.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://wedgewoodpartners.com/wp-content/uploads/2024/01/WW_clientLetter_4Q2023.pdf https://wedgewoodpartners.com/wp-content/uploads/2024/01/WW_clientLetter_4Q2023.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://www.gurufocus.com/news/1687820/rolfes-wedgewood-partners-1stquarter-letter-the-end-of-an-error-the-beginning-of-an-error https://www.gurufocus.com/news/1687820/rolfes-wedgewood-partners-1stquarter-letter-the-end-of-an-error-the-beginning-of-an-error Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/d2a1d2_ff750f7afc8b4601a14ea1571b376bfc.pdf https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/d2a1d2_ff750f7afc8b4601a14ea1571b376bfc.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/d2a1d2_7edda3c956ef433dbbc1c1499ad03904.pdf https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/d2a1d2_7edda3c956ef433dbbc1c1499ad03904.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/d2a1d2_a7010caa73484aa79860d446dfa072a3.pdf https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/d2a1d2_a7010caa73484aa79860d446dfa072a3.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/d2a1d2_de9b06acfa2e43c1b2cccbeecbca5f38.pdf https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/d2a1d2_de9b06acfa2e43c1b2cccbeecbca5f38.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/5bfe4b_756cc8b19de347b6b09d9dda7776016b.pdf https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/5bfe4b_756cc8b19de347b6b09d9dda7776016b.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/5bfe4b_7f46984994bc44abab0fa9d012fa35da.pdf https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/5bfe4b_7f46984994bc44abab0fa9d012fa35da.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/5bfe4b_a12f91a6fbfb4131afc3d1d848b4ae84.pdf https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/5bfe4b_a12f91a6fbfb4131afc3d1d848b4ae84.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/5bfe4b_7f47cdae028142f1ade840f42986ab09.pdf https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/5bfe4b_7f47cdae028142f1ade840f42986ab09.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/5bfe4b_b0a5446be1a44fb587a7e770cb425849.pdf https://66586259-e635-40d5-bf11-9d22ba98eca0.filesusr.com/ugd/5bfe4b_b0a5446be1a44fb587a7e770cb425849.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://docs.wixstatic.com/ugd/5bfe4b_03b9a051772a4b9792c849ed7f74150a.pdf https://docs.wixstatic.com/ugd/5bfe4b_03b9a051772a4b9792c849ed7f74150a.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://docs.wixstatic.com/ugd/5bfe4b_d88728c47e5442b9aa1f1d731c89ef5b.pdf https://docs.wixstatic.com/ugd/5bfe4b_d88728c47e5442b9aa1f1d731c89ef5b.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://docs.wixstatic.com/ugd/5bfe4b_6bcd2ede3d6a435cac1d652f2ba5edc2.pdf https://docs.wixstatic.com/ugd/5bfe4b_6bcd2ede3d6a435cac1d652f2ba5edc2.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://docs.wixstatic.com/ugd/5bfe4b_a0f6d8ad7b8d407c9182e0030b246e99.pdf https://docs.wixstatic.com/ugd/5bfe4b_a0f6d8ad7b8d407c9182e0030b246e99.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://docs.wixstatic.com/ugd/5bfe4b_bf8dff6575d44546b17534ed393d5ab5.pdf https://docs.wixstatic.com/ugd/5bfe4b_bf8dff6575d44546b17534ed393d5ab5.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://docs.wixstatic.com/ugd/5bfe4b_35e96d3611164971bbc694a49cab705f.pdf https://docs.wixstatic.com/ugd/5bfe4b_35e96d3611164971bbc694a49cab705f.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://web.archive.org/web/20220414143830/https://www.wedgewoodpartners.com/_files/ugd/5bfe4b_0b747f631c6f4bb08de919ccfe5e168f.pdf https://web.archive.org/web/20220414143830/https://www.wedgewoodpartners.com/_files/ugd/5bfe4b_0b747f631c6f4bb08de919ccfe5e168f.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://web.archive.org/web/20221021014932/http://docs.wixstatic.com/ugd/5bfe4b_35920891da8c4b7a81811d3ab677c14f.pdf https://web.archive.org/web/20221021014932/http://docs.wixstatic.com/ugd/5bfe4b_35920891da8c4b7a81811d3ab677c14f.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://web.archive.org/web/20221021014906/http://docs.wixstatic.com/ugd/5bfe4b_067ef1d8bd934921928b4391b0238403.pdf https://web.archive.org/web/20221021014906/http://docs.wixstatic.com/ugd/5bfe4b_067ef1d8bd934921928b4391b0238403.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://web.archive.org/web/20220309073915/http://media.wix.com/ugd/5bfe4b_118cca9ea5fd442fa921bc537ff661dd.pdf https://web.archive.org/web/20220309073915/http://media.wix.com/ugd/5bfe4b_118cca9ea5fd442fa921bc537ff661dd.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://web.archive.org/web/20221021014908/http://media.wix.com/ugd/5bfe4b_78c56d48b25c4ec38b23c252d9982d02.pdf https://web.archive.org/web/20221021014908/http://media.wix.com/ugd/5bfe4b_78c56d48b25c4ec38b23c252d9982d02.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://web.archive.org/web/20221021014905/http://media.wix.com/ugd/5bfe4b_d18a091439a6474bbcd5f95e55585067.pdf https://web.archive.org/web/20221021014905/http://media.wix.com/ugd/5bfe4b_d18a091439a6474bbcd5f95e55585067.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html https://web.archive.org/web/20221021014934/http://media.wix.com/ugd/5bfe4b_1ea5b1df87b94c84a3eb545789442b3c.pdf https://web.archive.org/web/20221021014934/http://media.wix.com/ugd/5bfe4b_1ea5b1df87b94c84a3eb545789442b3c.pdf Mon, 09 Nov 2026 00:00:00 +0000 Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years. More from David Rolfe: https://letters.ezrasnotes.com/m/wedgewood.html