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% just last quarter, plus countless smaller losses. Yet, stocks have compounded at 13.6% annually, or 258.9% cumulatively. Equity in-vesting is, and always has been, a roller coaster ride.  

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