Investment Letters

SAM’s Q1 2025 Investment Letter Dear Investor, In a challenging investment environment like the first quarter of this year, we are pleased to report that our investments with SAM held up quite well. Specifically, during a period when the S&P 500 Index declined nearly 5% – and dropped more than 10% from peak to trough…

SAM’s Q4 2024 Investment Letter Dear Fellow Investor, “I wasn’t wrong; I was early.” In my nearly three-decade career analyzing and investing in the markets, I’ve heard a lot of excuses for investments that performed poorly. The rationalization above is among the ones I’ve heard most – especially when looking back and the facts have…