The managers
Who I read and why. Start with whoever matches the way you invest.
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Chris Bloomstran
Semper Augustus
Concentrated portfolio of well-run, well-capitalized businesses bought below conservative appraisals.
Best for Berkshire Hathaway shareholders and anyone who thinks about market valuation over decades.
One letter a year, often 100+ pages, with the Berkshire Hathaway valuation serious Berkshire watchers wait for. Block an afternoon.
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Andrew Brenton
Turtle Creek Asset Management
Private-equity mindset in public mid caps: 25 to 30 names, position sizes moved as value changes ("buy and optimize").
Best for Mid-cap investors curious about a private-equity approach to public markets.
Turtle Creek has compounded since 1998 doing something closer to private equity than classic value. Andrew explains why trimming and adding around intrinsic value beats plain buy-and-hold.
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Andrew Carreon
Emeth Value Capital
Concentrated value with a quality tilt: a handful of deeply mispriced stocks.
Best for Concentrated investors who want to see a small portfolio defended name by name.
A one-person shop in New Orleans running about five positions. With a book that tight, every letter has to defend each name in detail.
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Bruce Flatt
Brookfield Corporation
Real assets and alternatives: infrastructure, renewables, real estate, private equity and credit.
Best for Investors in real assets, infrastructure and the business of alternative asset management.
Every quarter the CEO of Brookfield Corporation explains where private capital is going and what it pays for. The archive goes back to 2012.
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Joe Frankenfield
Saga Partners
Concentrated compounders bought when the market doubts them; calls himself a value investor who owns growth.
Best for Investors who want to understand fast-growing businesses through their unit economics.
Joe breaks down the unit economics of names like Carvana and The Trade Desk in more depth than most sell-side reports, and he writes openly about his mistakes.
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Fred Liu
Hayden Capital
Concentrated "emerging compounders", mostly internet platforms and marketplaces, many outside the US.
Best for Growth-minded investors who want deep work on internet platforms and marketplaces.
Deep business-model work on marketplaces and e-commerce (Sea, Pinduoduo, MercadoLibre). Worth reading even if you never own the stocks.
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Scott Miller
Greenhaven Road Capital
Long-biased, global, off-the-beaten-path ideas, modeled on the early Buffett partnerships.
Best for Investors open to off-the-beaten-path ideas anywhere in the world.
Scott writes like he's talking to a friend and he's honest about how much of any record is luck. He also visits companies most investors only read about.
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Yaron Naymark
1 Main Capital
Concentrated, long-biased value in small caps knocked down by non-fundamental selling.
Best for Small-cap investors who like buying good businesses while others are forced to sell.
Yaron says no to most ideas and sizes up the few that pass. Each letter explains why a stock is on sale and what has to happen for the market to see it.
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Ryan O'Connor
Crossroads Capital
Undiscovered emerging franchises plus catalyst-driven special situations, in the Buffett partnership tradition.
Best for Special situations investors and anyone hunting under-followed small caps.
Ryan's grandfather put the family savings into Buffett's early partnership, and Ryan runs Crossroads in that spirit. His Nintendo work is a lesson in finding hidden assets.
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David Rolfe
Wedgewood Partners
Focused, low-turnover growth portfolios in large and SMID caps, owned like businesses.
Best for Investors in large-cap quality growth who hold for years.
Dave pairs holding-by-holding notes with blunt commentary on the Fed and valuations, and follows the same companies for years.
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Dan Roller
Maran Capital
Concentrated value in off-the-radar small caps, often buy-and-build compounders.
Best for Special situations investors.
Dan hunts where few people look: illiquid, out-of-favor, broken IPOs. He also writes about how not to fool yourself (checklists, pre-mortems, being a fallibilist).
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Terry Smith
Fundsmith
Global quality: buy good companies, don't overpay, do nothing.
Best for Quality investors who buy great companies and hold them.
Terry's annual letter is short, funny and blunt, and he defends the strategy hardest in the years it isn't working.
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Matthew Sweeney
Laughing Water Capital
Concentrated small caps (8 to 20 names) working through a fixable problem, held 3 to 5 years.
Best for Small-cap investors who buy good businesses in the middle of a fixable problem.
Matt runs every idea through four questions before he looks at price, and the last one is "what happens when something goes wrong?" His letters show that discipline in the quarters when it hurts.
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Rob Vinall
RV Capital
Business Owner Fund: about 10 to 12 owner-operated businesses held for the long term.
Best for Long-term investors focused on quality businesses run by owner-operators.
Rob puts management character at the center of every decision and is candid about drawdowns, including a near-50% one.
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Adam Wilk
Greystone Capital
Concentrated small and micro caps run by trustworthy managers, held for years.
Best for Small and micro-cap investors with a multi-year horizon.
Adam uses his letters as a filter for new partners, so he writes them for people who think in years. A good source of under-followed small caps you won't find on a screen.
No manager matches that.