3Q 2025 Quarterly Letter

In a quarter marked by record equity performance, resilient corporate earnings, and continued enthusiasm for AI investment, investors are weighing whether valuations reflect lasting growth or speculative excess. At the same time, gold and Bitcoin climbed to new highs as questions mounted around fiscal discipline and the direction of monetary policy. Read our full 3Q letter for our investment team's insights into the key drivers behind recent market movements and what they could mean for the remainder of the year.