Annual Letters
The Archive
Year-End Reflections, Written Each December Since 1997
Each year the partners write to friends and partners about what the year confirmed, what it surprised them with, and what they intend to do next. Together these letters form a continuous record of the firm's convictions over 29 years.
The 2020s
6 letters
- 2025 On the Industrialization of Intelligence From the Partners · December 2025
- 2024 On Generational Continuation From the Partners · December 2024
- 2023 The Year of Building Through From the Partners · December 2023
- 2022 In Praise of the Long Drought From the Partners · December 2022
- 2021 In Praise of Discipline When Discipline Is Unfashionable From the Partners · December 2021
- 2020 A Letter Written in the Year No One Forgets From the Partners · December 2020
The 2010s
10 letters
- 2019 On Public-Market Honesty From the Partners · December 2019
- 2018 When the Air Comes Out From the Partners · December 2018
- 2017 On the Speculative Edges From the Partners · December 2017
- 2016 A Year of Surprise, A Year of Discipline From the Partners · December 2016
- 2015 On the Deep Things From the Partners · December 2015
- 2014 A House in London From the Partners · December 2014
- 2013 A Decade In, A Decade Forward From the Partners · December 2013
- 2012 On the Lessons of Public Markets From the Partners · December 2012
- 2011 Building from the Bottom Up From the Partners · December 2011
- 2010 On the Phone in Every Hand From the Partners · December 2010
The 2000s
10 letters
- 2009 The Honest Year From the Partners · December 2009
- 2008 On Conviction in the Year of Bankruptcy From the Partners · December 2008
- 2007 Before the Storm From the Partners · December 2007
- 2006 On the Quiet Revolutions From the Partners · December 2006
- 2005 Crossing the Pacific From the Partners · December 2005
- 2004 A Public Friend From the Partners · December 2004
- 2003 On Building Quietly From the Partners · December 2003
- 2002 The Long Memory of Capital From the Partners · December 2002
- 2001 On Permanent Things From the Partners · December 2001
- 2000 When the Tide Goes Out From the Partners · December 2000