Annual Letters & Mid-Year Updates Read all annual letters Latest Content Library January 7, 2026 Steady Progress and Self-Reflection January 7, 2026 January 7, 2026 Receive Our Letters in Your Inbox Sign up with your email address to receive our letters and updates. Email Address Sign Up Thank you! Past Letters Featured January 7, 2026 Steady Progress and Self-Reflection January 7, 2026 January 7, 2026 January 6, 2025 Deep Roots, Hard Looks, and Change January 6, 2025 January 6, 2025 January 8, 2024 Awe, Health, And Fear: 2023 Annual Letter January 8, 2024 January 8, 2024 January 17, 2023 15 Years in the Trenches of SMB Acquisitions and Operations: 2022 Annual Letter January 17, 2023 January 17, 2023 July 6, 2022 Volatility and Durability: 2022 Mid-Year Update July 6, 2022 July 6, 2022 January 3, 2022 The Score Takes Care of Itself: 2021 in Review January 3, 2022 January 3, 2022 January 15, 2021 Lemons and Mixology: 2020 in Review January 15, 2021 January 15, 2021 December 31, 2019 New Fund, New Partners, Same Old Strategy: 2019 in Review December 31, 2019 December 31, 2019 December 31, 2018 Serving the Six-Sided Teeter Totter: 2018 in Review December 31, 2018 December 31, 2018 October 4, 2018 Fall 2018 Update: The Last Puzzle Pieces, a Bittersweet Victory, and the Orbit October 4, 2018 October 4, 2018 July 10, 2018 Sweating Hay in the Shining Sun July 10, 2018 July 10, 2018 December 31, 2017 Going Pro: 2017 In Review December 31, 2017 December 31, 2017 August 17, 2017 #428 on Inc. 500: A Decade in Reflection August 17, 2017 August 17, 2017 December 31, 2016 Compounding Knowledge and Returns: 2016 Year in Review December 31, 2016 December 31, 2016 January 6, 2016 From 2000+ to 3: 2015 Year in Review January 6, 2016 January 6, 2016 Want more content? Newsletter Selling Operating Investing
