Past Investor Letters

2022 Q4 Quarterly Letter
2022 Q3 Quarterly Letter
2022 Q2 Quarterly Letter
2022 Q1 Quarterly Letter
2021 Q4 Quarterly Letter
2021 Q3 Quarterly Letter
2021 Q2 Quarterly Letter
2021 Q1 Quarterly Letter
2020 Q4 Quarterly Letter
2020 Q3 Quarterly Letter
2020 Q2 Quarterly Letter
2020 Q1 Quarterly Letter
2019 Q4 Quarterly Letter
​
2019 Q3 Quarterly Letter
2019 Q2 Quarterly Letter
2019 Q1 Quarterly Letter
2018 Q4 Quarterly Letter
2018 Q3 Quarterly Letter
2018 Q2 Quarterly Letter
2018 Q1 Quarterly Letter
2017 Q4 Quarterly Letter
2017 Q3 Quarterly Letter
2017 Q2 Quarterly Letter
2017 Q1 Quarterly Letter
2016 December Monthly Letter
2016 November Monthly Letter
2016 October Monthly Letter
2016 September Monthly Letter
2016 August Monthly Letter
2016 July Monthly Letter
2016 June Monthly Letter
2016 May Monthly Letter
2016 April Monthly Letter
2016 March Monthly Letter
2016 February Monthly Letter
2016 January Monthly Letter
2015 December Monthly Letter
2015 November Monthly Letter
2015 October Monthly Letter
2015 September Monthly Letter
2015 August Monthly Letter
2015 July Monthly Letter
2015 June Monthly Letter
2015 May Monthly Letter
2015 April Monthly Letter
2015 March Monthly Letter
2015 February Monthly Letter
2015 January Monthly Letter
​
2014 December Monthly Letter
2014 November Monthly Letter
2014 October Monthly Letter
2014 September Monthly Letter
2014 August Monthly Letter
2014 July Monthly Letter
2014 June Monthly Letter
2014 May Monthly Letter
2014 April Monthly Letter
2014 March Monthly letter
2014 February Monthly Letter
2014 January Monthly Letter
2013 December Monthly Letter
2013 November Monthly Letter
2013 October Monthly Letter
2013 September Monthly Letter
2013 August Monthly Letter
2013 July Monthly Letter
2013 June Monthly Letter
2013 May Monthly Letter
2013 April Monthly Letter
2013 March Monthly Letter
2013 February Monthly Letter
2013 January Monthly Letter
2012 December Monthly Letter
2012 November Monthly Letter
2012 October Monthly Letter
2012 September Monthly Letter
2012 August Monthly Letter
2012 July Monthly Letter
2012 June Monthly Letter
2012 May Monthly Letter
2012 April Monthly Letter
2012 March Monthly Letter
2012 February Monthly Letter
2012 January Monthly Letter
2011 December Monthly Letter
2011 November Monthly Letter
2011 October Monthly Letter
2011 September Monthly Letter
2011 August Monthly Letter
2011 July Monthly Letter
2011 June Monthly Letter
2011 May Monthly Letter
2011 April Monthly Letter
2011 March Monthly Letter