Memos

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

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

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

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