Go the Distance

“Go as far as you can see;

when you get there, you'll be able to see farther.”

J.P. Morgan

Who am I to argue with J.P.?

In Q1 of 2016, our strategy yielded a +17.4% return. Since inception during Q2 of 2015, our strategy has yielded +40.8%, or an annualized return since inception of +66.1%. Over this same period, the S&P 500 was down. Have we gone as far as we can see? Not yet, but with every step forward we are able to see farther.

You may recall one of our founding principles from a previous post:

• Do the "impossible". Do what others do not believe is possible, but would be insanely great if it were. Do what others are unwilling, or unable, to do. Engineer a solution.

Do we think we have done the impossible? We are not convinced yet. If those returns were over several years, it would be hard to deny. Are we excited? You bet we are! The work is never done. The insight and the strategy are never good enough, but we are seeing farther than we ever have. I am proud of all of our fellows that have brought us this far, and all those who have helped advise, guide, and encourage us along the way. Thank you for everything it took to get us this far. Let's continue to see farther, and go farther . . .