Browsing: Letter

Nico De Pasquale Photography/DigitalVision via Getty Images Fellow Investor, Unitholder, Reader, The author is delighted to be with you after another round, another year. In Harry…

Employees at Salesforce are circulating an internal letter to chief executive Marc Benioff calling on him to denounce recent actions by US Immigration and Customs Enforcement,…

chombosan/iStock via Getty Images Dear Sequoia Shareholders: Sequoia Fund’s results for the quarter and year ended December 31, 2025 appear below with the results of the…

The Securities and Exchange Board of India (SEBI) on Friday said it has done away with the requirement of issuing a Letter of Confirmation for credit…

mohd izzuan/iStock via Getty Images Early Innings! At the end of 2024, we titled our letter Is this a Generational Opportunity, highlighting what we believed to…

PIKSEL/iStock via Getty Images The RAM Smid composite gained 3.58% in 4Q25, outperforming the Russell 2500 Value Total Return index which rose 3.15%. Year to date,…

syahrir maulana/iStock via Getty Images The Four-Year Harvest Avocado trees take three to four years to bear first fruit and four to five years to reach…

“If you are reading this, things did not go well for me.” That’s how Scott Adams’ X account announced his death on Jan. 13, reaching an…

Shutthiphong Chandaeng/iStock via Getty Images Dear Clients and Friends: Some clients have remarked upon the private investment funds we’ve been presenting in recent years—and presenting with…

Willie B. Thomas/DigitalVision via Getty Images The Frank Value Fund Institutional Class (FNKIX) returned 12.29% in 2025, compared to 11.05% for the Russell Midcap Value Index.…