Letters · Memos · Substack
Letters, memos, interviews, and curated posts from Wall Street gurus and crypto whales. Updated daily.
Part 2 Letter to the Investment Committee on Private Equity
GMO Quarterly Letter (Jeremy Grantham et al.) on gmo.com. Click to read the full letter.
Part 1 What Barbarians Like to Take Private
GMO Quarterly Letter (Jeremy Grantham et al.) on gmo.com. Click to read the full letter.
Pershing Square Holdings Ltd. Releases 2025 Annual Financial Statements
Pershing Square Holdings publication (2026). Bill Ackman's letter, investor update, or financial-statement release. Read on pershingsquareholdings.com.
Pershing Square Holdings, Ltd. Provides Annual Investor Update Presentation
Pershing Square Holdings publication (2026). Bill Ackman's letter, investor update, or financial-statement release. Read on pershingsquareholdings.com.
Its Probably a Bubble but There is Plenty Else to Invest in
GMO Quarterly Letter (Jeremy Grantham et al.) on gmo.com. Click to read the full letter.
Its Everywhere in Everything the First Truly Global Bubble
GMO Quarterly Letter (Jeremy Grantham et al.) on gmo.com. Click to read the full letter.
American Unexceptionalism
GMO Quarterly Letter (Jeremy Grantham et al.) on gmo.com. Click to read the full letter.
Pershing Square Holdings Ltd. Releases 2025 Semiannual Financial Statements
Pershing Square Holdings publication (2025). Bill Ackman's letter, investor update, or financial-statement release. Read on pershingsquareholdings.com.
Bargain Value Trap or Something in Between
GMO Quarterly Letter (Jeremy Grantham et al.) on gmo.com. Click to read the full letter.
Tariffs Making the US Exceptional but Not in a Good Way
GMO Quarterly Letter (Jeremy Grantham et al.) on gmo.com. Click to read the full letter.
Trade the Most Beautiful Word in the Dictionary
GMO Quarterly Letter (Jeremy Grantham et al.) on gmo.com. Click to read the full letter.
Pershing Square Holdings Ltd. Releases 2024 Annual Financial Statements
Pershing Square Holdings publication (2025). Bill Ackman's letter, investor update, or financial-statement release. Read on pershingsquareholdings.com.
Berkshire Hathaway 2024 Annual Letter
Warren Buffett's letter to Berkshire Hathaway shareholders for fiscal year 2024. Released as PDF on berkshirehathaway.com/letters.
Pershing Square Holdings, Ltd. Provides Annual Investor Update Presentation
Pershing Square Holdings publication (2025). Bill Ackman's letter, investor update, or financial-statement release. Read on pershingsquareholdings.com.