2022 was an extremely trying year. Over the past several years a multitude of external shocks to the global system, along with unprecedented policy responses, has led to the amplification and acceleration of many cycles.

Our investment philosophy is predicated on the belief that we’re living through a prolonged period of enormous change.

Despite the recent market selloff, the businesses that we own are compounding in value at, or beyond, our expectations.

As we’ve often said in previous letters, we couldn’t be more excited about the current business environment.

We are entering the 10th year of our long-only strategy, and the fifth year of our long/short strategy.

As of the end of the quarter, our core holdings, which accounted for over 90% weighting of the long book, were: TSLA, SPOT, SHOP, ABNB, and AMZN.

Although prices did not go our way this quarter, the businesses that we own are doing well and we’re happy with their progress.

“Pessimists sound smart. Optimists make money.” -Nat Friedman, CEO of GitHub