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Investor Letters

Access the latest investor documents and updates. Each file can be downloaded directly as a PDF.

“In credit patience compounds”

“In credit patience compounds”

March 2026 – Credit Market update

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“Forecasting financial markets is little more than an educated guess.”

“Forecasting financial markets is little more than an educated guess.”

2026 Outlook

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“Everyone has a plan until they get punched in the mouth”

“Everyone has a plan until they get punched in the mouth”

June 2025 – Credit Market update

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"Investing is the only business where when things go on sale, everyone runs out of the store”

"Investing is the only business where when things go on sale, everyone runs out of the store”

April 2025 – Credit Market update

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"Those who cannot remember the past are condemned to repeat it.”

"Those who cannot remember the past are condemned to repeat it.”

December 2023 – Credit Market update

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"The Market is designed to transfer money from the Active to the Patient.”

"The Market is designed to transfer money from the Active to the Patient.”

September 2023 – Credit Market update

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"Promises are the uniquely human way of ordering the future..."

"Promises are the uniquely human way of ordering the future..."

June 2023 – Credit Market update

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What spreads tell us about this “crisis”?

What spreads tell us about this “crisis”?

May 2023 – Credit Market update

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"It's dangerous to go alone! Take this."

"It's dangerous to go alone! Take this."

April 2023 – Credit Market update

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And some things that should not have been forgotten were lost.

And some things that should not have been forgotten were lost.

March 2023 – Credit Market update

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A certain uncertainty

A certain uncertainty

February 2023 – Credit Market update

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Soft panic for a soft landing?

Soft panic for a soft landing?

October 2022 – Credit Market update

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Never catch a falling knife?

Never catch a falling knife?

September 2022 – Credit Market update

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Past Tears, Present fears: hopes for future

Past Tears, Present fears: hopes for future

August 2022 – Credit Market update

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All eyes on Inflation (or Recession?)

All eyes on Inflation (or Recession?)

July 2022 – Credit Market update

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Playing € corporate deterioration?

Playing € corporate deterioration?

March 2022 – Credit Market update

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What spreads tell us about this “crisis”?

What spreads tell us about this “crisis”?

May 2022 – Credit Market update

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