To My Partners: A colonoscopy followed by anesthesia is a much different experience than the inverse. In medicine, sequence determines your level of discomfort; in investing, it dictates your outcome. Many investors treat their portfolios like a game of Russian Roulette. Statistically, the “average” outcome is great—you win five out of six times. But if you play long enough, the average ceases to matter. In the markets, you don’t usually lose your life, but a deep enough draw

To My Partners: “There was one earnings release that deserves mention. The first quarter results by Nvidia, a semiconductor company were outstanding. Perhaps the best earnings report I have seen since the early days of Apple and the iPhone… I still find the trillion-dollar valuation and the comparison to the iPhone as setting a rather high bar for expectations, especially when the CEO's examples for use of this cutting-edge technology are AT&T and car repair estimates.” 2Q23

Some Like it Hot There is an old joke about a time where Marilyn Monroe supposedly said to Albert Einstein, “if we had children, they...