Please note that the commentary in the client letters represents the views of Avenir and its portfolio managers as of the date indicated in the individual letters and that these views are subject to change at any time due to changes in economic, market and other conditions. In addition, the client letters presented on this website are modified versions of specific letters sent to clients of Avenir and are provided in this format to illustrate Avenir’s approach to investing. The information contained in the client letters was prepared by Avenir’s portfolio managers based upon information available at that time that was believed to be reliable. References to specific industries are for illustrative purposes only and are not recommendations to purchase or sell securities in these industries.

The Financial Times Top 300 Registered Investment Advisors is an independent listing produced by the Financial Times (June 2014, June 2015). The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FT’s research. As identified by the FT, the listing reflected each practice’s performance in six primary areas, including assets under management, asset growth, compliance record, years in existence, credentials and accessibility. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.


Benjamin Graham and Warren Buffett on “Mr. Market”
Excerpted from “The Superinvestors of Graham-and-Doddsville”, Fall 1984, Columbia Business School Magazine