2Q21 Investor Letter
“In the last two years since our partnership launched, we have seen an unprecedented sequence of events. But if we were to and shuffle the quarters around, the compounded result will stay the same. If the next five years results are, say, 60%, -22%, 39%, -10%, 12%, the order of which is completely unimportant for our purposes as long as we all are around at the end five. If you, like us, see volatility as a source of opportunity instead of risk, we would offer you a psychological solution that is to average the five years of returns and make peace with a compounded annual saving rate of 12%.”