Blue Tower Quarterly Letters to Investors

2023

Q4 2023: First Decade Retrospective

Q3 2023: Generative AI

Q2 2023: Tokyo Stock Exchange Reforms

Q1 2023: Schwab and the 2023 Banking Crisis

2022

Q4 2022: Value Still Looks Cheap Even with Higher Yields

Q3 2022: Revisiting our Enova International Investment and Other Market Updates

Q2 2022: Updates on our European Investments

Q1 2022: Consequences of the Russian Invasion of Ukraine

2021

Q4 2021: Inflation Discussion, Updates on Georgia Capital and Cornerstone Building Brands

Q3 2021: Falcom

Q2 2021: Strong Returns Continue

Q1 2021: Georgia Capital

2020

Q4 2020: The End of a Memorable Year

Q3 2020: Berry Global Group

Q2 2020: Historic Valuation Spreads in US stocks

Q1 2020: Covid-19 Crisis

2019

Q4 2019: Private Equity

Q3 2019: Reflections on Momentum and Exiting Portfolio Positions

Q2 2019: Cornerstone Building Brands

Q1 2019: Charles Schwab Corporation

2018

Q4 2018: Investor Uncertainty Leads to Spike in Volatility

Q3 2018: Enova

Q2 2018: Sberbank Update and Healthcare Acquisitions

Q1 2018: Fujitsu Frontech Ltd

2017

Q4 2017: Joban Kaihatsu Co Ltd

Q3 2017: Investing in Japan 

Q2 2017: Fonar MRI Thesis

Q1 2017: Updates on EZPW and Subprime Auto Lenders

2016

Q4 2016: Looking Forward Towards 2017

Q3 2016: Our View on Tyson Foods

Q2 2016: Updates on EZPW and ESRX

Q1 2016: Our View on EZCORP

2015

Q4 2015: The Market in 2015

Q3 2015: Star Gas Partners Investment Thesis

Q2 2015: Small-Cap Investing and Illiquidity

Q1 2015: Hindsight Bias in Investing

Investment Thesis on Express Scripts

2014

2014 Commentary