Investor Letters

Letters through January 3, 2025

1 letter reporting on the period ending January 3, 2025, in each firm's own reckoning.

Patient Capital Management Quarterly Market Review 2024 U.S. equities were led by the Magnificent Seven as earnings growth and multiple expansion drove repeated record highs. Patient Capital Management describes easing inflation, resilient consumer spending and Federal Reserve rate cuts, while noting that long-term yields rose and investor sentiment ended the year near neutral. Q4 2024 —