Q2 2025 – Annandale Capital Quarterly Commentary
Our last commentary, written just three months ago, concluded with the reminder: volatility is the successful investor’s price of admission. Enduring episodes of uncertainty are required to earn equity-like rates of return. In the last decade alone, the S&P 500 has witnessed a -34% decline in 2020, -25% in 2022, -20% in 2018, and -19% […]