(Q4 2024 Letter) Blend Labs operates an expanding ecosystem of technology, data, and service providers that power financial service...

(Q3 2024 Letter) Tower Companies (American Tower Corp (AMT), Crown Castle Inc (CCI), SBA Communications Corp (SBAC)) Tower companies own...

(Q2 2024 Letter) The theory behind artificial intelligence was first articulated by Alan Turing in 1950 when he posed the question of...

Wesco International is the scale player in electrical, communications, and utilities distribution and supply chain services. Originally...

(Q3 2023 Letter) The launch of Open AI’s Generative Pre-Trained Transformer (GPT) has set in motion an arms race for artificial...

Danaher is a life sciences, diagnostics and biotechnology powerhouse with global scale and a long runway to grow revenues and earnings....

On April 14th, 2023, Canadian Pacific drove a historic golden spike to join with Kansas City Southern, creating the first and likely only...

In our Q3 2020 letter we articulated the reasons why we were investing in IAC/InterActiveCorp (IAC). One part of our thesis was IAC’s...

Early in the fourth quarter we used the opportunity created by investor concerns over pandemic related pressure on footfall trends and...

Early in the fourth quarter we meaningfully increased our position size in Upwork (UPWK). Upwork is a global employment marketplace that...

Early in the third quarter we used earnings related weakness to increase our position in Pinterest. Pinterest is an online discovery...

In our Q4 2019 letter we wrote about our rationale for investing in Match Group (MTCH). Early in the third quarter we used market...

StoneCo Ltd (STNE) Early in the second quarter, we used the market selloff to initiate a new position in StoneCo (STNE). Stone is an...

Wix.com Ltd (WIX) Early in the second quarter, we used the market selloff to double the position size of our long-standing investment in...