The current phase of equity markets reflects an important shift: the AI-led boom is no longer being valued on promise alone.

You've spent years building something of real value. 

The product works. The company has traction. The buyers are circling. Then one day, the conversations become serious, the term sheets arrive, and the number on the page is larger than anything you've ever imagined.

For many high-net-worth individuals, wealth is often concentrated in investment portfolios rather than sitting idle in cash. While this structure can be highly efficient for long-term growth, it can also create a common challenge: maintaining liquidity without disrupting a carefully constructed investment strategy.

High-net-worth (HNW) individuals face a uniquely complex financial landscape—one where preserving wealth can be just as challenging as creating it.

We are grateful for your continued trust and support. 

A few years ago, while traveling to Isla Navarino, Chile—one of the southernmost inhabited places in the world and a place that remains largely untouched—I was reminded of the importance of preparation. It is a fitting place for expedire, Latin for “to prepare.” 

Recently we published our year-end letter. Since then, we’d like to address rising conflict in the Middle East. In our year-end letter, we shared the Buddhist parable of the Empty Boat: a monk meditating on a lake, angered by an oncoming vessel, prepares to shout—only to discover the boat is empty. No intent. No malice. Just a drifting boat. 

We are grateful for your continued trust and partnership as we begin a new year. As we reflect on the past year, we remain grounded in the same mindset and discipline that guide our approach across market environments—particularly during periods of heightened noise and volatility.