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2023 Annual Letter
Dear Investors, The stock market returned 25.8% in 2023. As a reminder, 2022 saw significant losses for US stocks, and most of 2023’s performance…
Mar 9
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Willis Cap
21
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2023 Annual Letter
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March 2023
Some Thoughts on Banks
And a look at First Republic
Mar 20, 2023
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Willis Cap
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Some Thoughts on Banks
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January 2023
2022 Annual Letter
Dear Investors, The stock market was down 19% this year. High inflation caused the central bank to raise interest rates to attempt to bring it in check…
Jan 11, 2023
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Willis Cap
17
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2022 Annual Letter
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July 2022
2022 H1 Letter
To My Clients, Through the first half of 2022, our stock portfolios are down roughly 20-22%, while the stock market is down 20%.Thanks for reading…
Jul 3, 2022
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Willis Cap
10
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2022 H1 Letter
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April 2022
2021 Annual Letter
To My Investors, The stock market had another strong year in 2021, gaining 30%. Our stock returns were around 23%, with most of your portfolios up about…
Apr 1, 2022
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Willis Cap
14
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2021 Annual Letter
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August 2021
Altice
My Last Levered Value Investment, I Swear
Aug 26, 2021
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Willis Cap
22
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Altice
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Finding long-term compounders
Welcome to Concentrated Compounding by me, Willis Cap. Discussing stocks. Mostly durable, long-term secular growers with good management teams. Sign up…
Aug 25, 2021
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Willis Cap
1
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Finding long-term compounders
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January 2021
2020 Annual Letter
To My Investors, In the investment markets, 2020 was a truly dramatic year. At the height of the fear over the coronavirus pandemic, US stocks were down…
Jan 5, 2021
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Willis Cap
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2020 Annual Letter
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January 2020
2019 Annual Report
To My Investors, We had a good year in 2019. Most of you had gains in your equity portfolios of around ___%, which was ___ of the 31.5% gain for the…
Jan 3, 2020
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Willis Cap
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2019 Annual Report
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September 2019
Wells Fargo: Poorly Managed, Still Too Cheap
Wells Fargo, long one of the most respected banks in the US, has had a rough past few years. The bank illegally opened unwanted accounts for clients in…
Sep 9, 2019
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Willis Cap
2
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Wells Fargo: Poorly Managed, Still Too Cheap
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Kochland
Overview The modern Koch Industries began when Charles Koch became CEO of his father’s businesses after his passing. Koch Industries started with a few…
Sep 6, 2019
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Willis Cap
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Kochland
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April 2019
Magellan Midstream: This Compounder Is On Sale
After my last article on midstream oil and gas companies, many of you reached out to me about what I actually own in the space. I have owned Magellan…
Apr 24, 2019
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Willis Cap
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Magellan Midstream: This Compounder Is On Sale
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