Letters to shareholders
Quarterly
- 2/2024 Size matters
- 1/2024 Invert, always invert!
- 4/2023 The year 2023, the state of the markets, and where we will look for investments in 2024
- 3/2023 Return and risk
- 2/2023 Zurich reflections
- 1/2023 Companies and their capital allocations
- 4/2022 Macro vs. micro
- 3/2022 Main investments in the Vltava Fund portfolio
- 2/2022 What oil prices are telling us
- 1/2022 War
- 4/2021 2021
- 3/2021 Please allow me to introduce...
- 2/2021 Risk. Anybody interested at all?
- 1/2021 Boom?
- 4/2020 Inflation
- 3/2020 Techno party
- 2/2020 The dam has broken
- 1/2020 Virus-infected markets
- 4/2019 Price and value (a user´s manual)
- 3/2019 Japan and Lapland
- 2/2019 Recessions
- 1/2019 Sport and investing
- 4/2018 Going short
- 3/2018 How we determine the value of our stocks (and of the entire portfolio)
- 2/2018 The roles of skill and chance
- 1/2018 Of robots and men
- 4/2017 Performance of the Vltava Fund portfolio
- 3/2017 When we say earnings
- 2/2017 Indices and index investing
- 1/2017 A bit about Trump, a bit about the Koruna
- 4/2016 The US election and the Kelly criterion
- 3/2016 An attempt at a small glance into the future
- 2/2016 Investing in an environment of declining company earnings
- 1/2016 An exercise in market psychology
- 4/2015 Why not to invest with us
- 3/2015 Risk-free stocks
- 2/2015 A lack of sex
- 1/2015 What is really normal?
- 4/2014 Interest rates, oil and the rouble
- 3/2014 First ten years
- 2/2014 Sixty‑three
- 1/2014 Form follows function
- 4/2013 8-1-1
- 3/2013 DNA of equity investors
- 2/2013 Godzilla (ゴジラ)
- 1/2013 Pole, Pole
- 4/2012 Two - one - zero
- 3/2012 QE 4EVER
- 2/2012 Is a break point close at hand?
- 1/2012 On the beauty of uncertainty
- 4/2011 The collapse of the euro zone as opportunity
- 3/2011 Does investor capitulation signal the end of the bear market?
- 2/2011 We would welcome an even bigger drop in prices
- 1/2011 Make haste slowly!
- 4/2010 Shifting from China to the USA
- 3/2010 Quality stocks are today at bargain prices
- 2/2010 Greece’s bankruptcy is inevitable
- 1/2010 Socialists phasing in capitalism – and capitalists socialism
- 4/2009 Tripling assets in a single year is a performance we are unlikely ever to repeat
