We are sorry. We managed your money poorly in 2015 and we have not earned the fees you have paid us.
The best investments are the ones where you've done so much work that you feel almost embarrassed by how much you know about the company.
Healthcare is complicated precisely because it matters. The complexity is a moat for investors willing to do the work.
Conviction without research is just gambling. Conviction earned through research is an edge.
Our job is to find moments when the market is wrong. Not always wrong — mostly right. But occasionally spectacularly, obviously wrong. That's where we want to be.
The ACA wasn't a political bet. It was an economic analysis of what would happen if millions of uninsured people got coverage. We followed the math.