Investor Letters

Letters through April 1, 2026

1 letter reporting on the period ending April 1, 2026, in each firm's own reckoning.

Patient Capital Management 1Q26 Quarterly Market Review The Iran war drove a record oil shock and renewed inflation uncertainty, leaving the Federal Reserve caught between price pressures, a weakening labor backdrop and fragile consumer sentiment. Energy led a sharp rotation while software, private credit and the prior year’s large-cap technology leaders sold off. Q1 2026 —