Annual letter, 2024

Our annual letter to investors covers the year across the portfolio, a note on the firm, and a few thoughts on the rate environment and what it has and has not changed about our work.

The short version: the businesses that were durable in a low-rate environment have continued to be durable in a higher-rate one. The businesses that depended on cheap capital are not in the portfolio. We expect the next decade to reward operating discipline more than it rewarded narrative, and we are organized for that.