We are grateful for your continued trust and support. 

A few years ago, while traveling to Isla Navarino, Chile—one of the southernmost inhabited places in the world and a place that remains largely untouched—I was reminded of the importance of preparation. It is a fitting place for expedire, Latin for “to prepare.” 

Recently we published our year-end letter. Since then, we’d like to address rising conflict in the Middle East. In our year-end letter, we shared the Buddhist parable of the Empty Boat: a monk meditating on a lake, angered by an oncoming vessel, prepares to shout—only to discover the boat is empty. No intent. No malice. Just a drifting boat. 

We are grateful for your continued trust and partnership as we begin a new year. As we reflect on the past year, we remain grounded in the same mindset and discipline that guide our approach across market environments—particularly during periods of heightened noise and volatility.