Investor Letters

​2022

Fourth Quarter 2022 Investor Letter​


​2021

Fourth Quarter 2021 Investor Letter
​
Third Quarter 2021 Investor Letter
​
Second Quarter 2021 Investor Letter
​
​​First Quarter 2021 Investor Letter


​2020
​Fourth Quarter 2020 Investor Letter

2019

Fourth Quarter 2019 Investor Letter

Third Quarter 2019 Investor Letter

Second Quarter 2019 Investor Letter

First Quarter 2019 Investor Letter


2018

2018 Year End Investor Letter

2017

2017 Year End Investor Letter

2016

2016 Year End Investor Letter

2015

2015 Year End Investor Letter

Investor Presentations

1. General Investor Presentation, last update 2017
2. ​Market notes presentation, April 2017

2014

Fourth Quarter 2014 Investor Letter (PDF)_

Third Quarter 2014 Investor Letter (PDF)_

Second Quarter 2014 Investor Letter (PDF)

First Quarter 2014 Investor Letter (PDF)


​2013

Fourth Quarter 2013 Investor Letter (PDF)

Third Quarter 2013 Investor Letter (PDF)

Second Quarter 2013 Investor Letter (PDF)

First Quarter 2013 Investor Letter (PDF)

2012

Fourth Quarter 2012 Investor Letter (PDF)

Third Quarter 2012 Investor Letter (PDF)

Second Quarter 2012 Investor Letter (PDF)

First Quarter 2012 Investor Letter (PDF)

2011

Fourth Quarter 2011 Investor Letter (PDF)

Third Quarter 2011 Investor Letter (PDF)

Second Quarter 2011 Investor Letter (PDF)