Browsing: Letter

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.…

Nicolae Popescu/iStock via Getty Images Introduction We marked the three-year anniversary of the fund in August ‘2025. I am extremely pleased with the progress we have…

laddawan punna/iStock via Getty Images “Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.“ – Benjamin Graham From a…