Q3 2025 INVESTOR UPDATE EQUITIES The Value Equity strategy underperformed during the third quarter. Year to date, our portfolio is down approximately 6.0% while the value index is up 9.7%. We don’t take stretches of underperformance lightly, particularly when we’re down in an up market. But if you’re wondering what’s

Q2 2025 INVESTOR UPDATE EQUITIES Accounts in Seabird’s Value Equity strategy declined by approximately 3.8% during the first half of 2025, and over this short period, lagged the benchmark.  We’re not surprised by recent results—nor are we concerned. Today’s market feels one-sided, with investors crowding into a narrow group of

Q1 2025 INVESTOR UPDATE EQUITIES Accounts in Seabird’s Value Equity strategy declined by ~5.2% during the first quarter of 2025 (and of course quite a bit farther over the first few days of Q2). Our attention, however, is focused on delivering long-term returns. We live under no illusion we won’t

Q1 2025 INVESTOR UPDATE “A majority of life’s errors are caused by forgetting what one is really trying to do.” -Charlie Munger Seabird’s focus on a purposeful investment process produced another outstanding year of results for our investors in 2024: Muni+ 8.5%Income+ 13.7%Equity+ 26.9% Joe and I agree there are