2025 Annual Letter

In the early 1980s, the game show Press Your Luck first aired on CBS. The premise was simple: contestants answered trivia questions to earn spins on a brightly lit game board filled with cash, vacations, and other major prizes. But there was a catch…

2024 Annual Letter

Much like the rise of a gladiator in the arena, the S&P 500’s performance in 2024 was impressive to watch. For the second consecutive year, the S&P 500 returned 25%+, while setting 57 new all-time highs.