Outstanding Investor Digest Online

What keeps you up at night? Hermit: Private credit. Specifically, the floating-rate BSL loans. No one has managed a default cycle with these structures. When rates stay "higher for longer," the zombies get buried. That is when our cash will deploy.

The market is a device for transferring money from the impatient to the patient. I have been patient. I have been watching you.

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Elias unfolded the letter. It was a single page, dense with the same distinctive, serif typeface.

You sold a popular cloud stock at 30x revenue in 2024. It has since doubled. Regret? Hermit: None. Opportunity cost is the ghost that haunts the impatient. I rotated into a Japanese exchange (TSE: 8697) trading at 9x earnings with a 40% payout ratio. The cloud stock had gravity. The exchange has a monopoly on volume. I’ll take toll roads over rockets. What keeps you up at night

The market rally continued in Q2, driven by strong economic growth and low interest rates. We remain cautious on the outlook, with potential risks including trade tensions and global economic uncertainty.

We maintained our overweight position in Technology stocks, which drove the portfolio's outperformance. We also added to our Healthcare holdings, with a focus on companies with strong growth prospects. No one has managed a default cycle with these structures

The decade of silence was a test. You built a portfolio based on principles, not momentum. You bought the newspaper when the world said print was dead, understanding that trust is the only asset that doesn't depreciate. You bought the railroads when the world dreamed of drones.