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Commentary
For a more detailed discussion of our investments and the rationale behind them, please read our Annual Letter, or contact us today.

 2016 Annual Letter (pdf)
 2016 Mid-Year Update (pdf)


 2015 Annual Letter (pdf)
 2015 Mid-Year Update (pdf)


 2014 Annual Letter (pdf)
 2014 Mid-Year Update (pdf)


 2013 Annual Letter (pdf)
 2013 Mid-Year Update (pdf)


 2012 Annual Letter (pdf)
 2012 Mid-Year Update (pdf)


 2011 Annual Letter (pdf)
 2011 Mid-Year Update (pdf)


 2010 Annual Letter (pdf)
 2010 Mid-Year Update (pdf)


 2009 Annual Letter (pdf)
 2009 Mid-Year Update (pdf)


 2008 Annual Letter (pdf)
 2008 Mid-Year Update (pdf)


 2007 Annual Letter (pdf)
 2007 Mid-Year Update (pdf)


 2006 Annual Letter (pdf)
 2006 Mid-Year Update (pdf)


 2005 Annual Letter (pdf)


1722 Routh Street, Suite 760   |   Dallas, TX 75201   |   Phone 214-367-6170   |   Toll Free 800-301-8849   |   Fax 214-367-6180