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May 15, 2026

Q1 2026 Letter

May 15, 2026

“I know it was tough, but you know, it happens. There are tough watches in any elite sport when you're trying to do something. On the whole, you don't get it all your own way from start to finish. Even the Invincibles—even the Invincibles—the last time Arsenal won the title, had a week from hell where it nearly all fell apart, where they went out of the Champions League, out of the FA Cup semi-finals, and were losing at half time to Liverpool. And then the miracle starts again, and it all ended up in the way that it did.

“Would you walk out of Macbeth before the last act, just moaning about the whole thing? ‘I don't care what happens next, it's just rubbish. Like who cares what happens to Macbeth or Lady Macbeth?’ Would you start the post-mortem on a guy whose heart is still beating? I just felt there was this huge wave of really, really toxic, ‘Let's just look at the negatives.’ And I think it's really important that Arsenal people cherish what is happening here that is positive. Because no one else is going to.”

— Amy Lawrence, Handbrake Off (April 16, 2026)

May 15, 2026

February 15, 2026

2025 Annual Letter

February 15, 2026

“To bear misfortune well when it comes, it is wise to have cultivated in happier times a certain width of interests, so that the mind may find prepared for it some undisturbed place suggesting other associations and other motions than those which are making the present difficult to bear. A man of adequate vitality and zest will surmount all misfortunes by the emergence after each blow of an interest in life and the world which cannot be narrowed down so much as to make one loss fatal.” — Bertrand Russell, The Conquest of Happiness, 1930

February 15, 2026

November 15, 2025

Q3 2025 Letter

November 15, 2025

“Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.” — Warren Buffett, Berkshire Hathaway Annual Shareholder Letter, 1991

November 15, 2025

August 15, 2025

Q2 2025 Letter

August 15, 2025

“I met the snooker player Steve Davis once. His nickname was Steve ‘Interesting’ Davis because it was perceived that he was the most boring person on earth. I said to him, ‘How do you feel about that?’ He said, ‘I didn’t mind at all—because when I turned up and was even vaguely interesting, people were pleasantly surprised.’ He said, ‘It really worked out for me; I didn’t have to do much.’” — Ian Stone, Handbrake Off: The Athletic FC’s Arsenal Show, August 2025

August 15, 2025