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__________      _____________  /___      _______ __  /_____________
__  ___/_ | /| / /  _ \  _ \  __/_ | /| / /  __ `/  __/  _ \_  ___/
_(__  )__ |/ |/ //  __/  __/ /_ __ |/ |/ // /_/ // /_ /  __/  /    
/____/ ____/|__/ \___/\___/\__/ ____/|__/ \__,_/ \__/ \___//_/     
    

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Annual Letters

At the end of every year we write an annual letter. These letters provide insights into what we're thinking, our performance, and our working theories for how the world will play out.