It was a good year for capital markets. Bonds appreciated 7%, US stocks 18%, and overseas stocks 33%. What follows in this update are three short essays: what makes a great business, the difference between a great business and a great stock, and how to avoid bad private investments. They are simple reads, slightly academic in nature. Our hope is that you find them illuminating and walk away with a clearer picture of how we think about investing across public and private markets.
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