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Mid Year 2026 Letter
See below for the PDF version of this letter.
Jul 27
16
Recent posts
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Continued thinking on Planet Labs
Every investment decision ultimately returns to the question of what do you believe vs. what is already priced in
May 7
14
1
Year End 2025 Letter
Click below if you prefer reading the PDF version.
Feb 23
12
1
Mid Year 2025 Letter
A tour of the portfolio
Aug 15, 2025
12
1
Investment Idea #5: Thryv Holdings | THRY
A unique, unheralded opportunity in small business America
Apr 3, 2025
13
2
1
Research Recap | February 2025
Thryv, Upstart, Planet Labs
Mar 4, 2025
2
Research Recap | January 2025
Planet Labs, Xometry, and Pagaya
Jan 31, 2025
6
4
2
Year End 2024 Letter
If you would prefer to read in PDF format, click below.
Jan 19, 2025
9
3
1
Continued thinking on CROX
Maybe the fad risk and acquisition criticisms are overdone
Dec 21, 2024
15
2
2
Update on Investment Idea #1
I sold half of my position in Spire
Dec 7, 2024
7
3
1
Selling Spire's Maritime Business
A few thoughts on the transaction
Nov 15, 2024
4
3
A turn for the worse
Satellite failures, accounting restatements, and covenant breaches at Spire
Aug 25, 2024
9
2
1
An informative Glassdoor review
A fine point on Planet's GTM struggles
Aug 21, 2024
1
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Top posts
My Thesis in Planet Labs
Mar 2, 2024
17
9
1
Evaluating Xometry's Marketplace Opportunity
Mar 18, 2024
9
Continued thinking on Planet Labs
May 7
14
1
Mid Year 2025 Letter
Aug 15, 2025
12
1
Investment Idea #5: Thryv Holdings | THRY
Apr 3, 2025
13
2
1
Unconventional Value
2 investment letters a year + occasional research and ideas
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