3Q25 Investor Letter
“Conviction is a self-assessment, not a yardstick to hold others to. It is our common sense that conviction and excitement are not, by definition, on the same side. Excitement comes from things that are new and novel, that we are not accustomed to. Convictions come from things that we are familiar with, better if we have lived the context in our lives, like the story of Buffett’s coke and newspaper. In that sense, our conviction often comes from something old, or variations of something old, rather than something new. In a similar sense, our highest conviction comes from the worst times, not the best times. ”