Investor Letters Fourth Quarter 2025 Second Quarter 2025 Market Update April 2025 Fourth Quarter 2024 Second Quarter 2024 Market Update December 2024 Fourth Quarter 2023 Second Quarter 2023 Market Update October 5 2023 Fourth Quarter 2022 Second Quarter 2022 Market Update September 2022 War in Ukraine February 2022 Fourth Quarter 2021 Second Quarter 2021 New Covid Variant November 2021 Third Quarter 2025 First Quarter 2025 Market Update March 2025 Third Quarter 2024 First Quarter 2024 Market update August 2024 Third Quarter 2023 First Quarter 2023 Age of Artificial Intelligence June 2023 Third Quarter 2022 First Quarter 2022 Market Correction January 2022 The Silicon Valley Bank Third Quarter 2021 First Quarter 2021 Market Update September 2021
