letters
the long-form quarterlies.
what I own, why I own it, and what I got wrong.
the nangoy foundation · october 2026
Monthly Letter — October 2026
October 2026 · letter
Monthly Letter — October 2026
The market stops paying for AI growth and starts asking about cash, breadth turning the other way round, a buy into Alphabet’s worst day ever, and the wonderful business my own rules won’t let me own.
the nangoy foundation · september 2026
Monthly Letter — September 2026
September 2026 · letter
Monthly Letter — September 2026
Yields up half a point in a month, a flat index hiding a bad month for the typical stock, a clean-up of the book, and why American Express’s closed loop is the moat people miss.
the nangoy foundation · august 2026
Monthly Letter — August 2026
August 2026 · letter
Monthly Letter — August 2026
The month the market swung from pricing a cut to a hike, a monster NVIDIA quarter and why the price still worries me, and the book a line each.
the nangoy foundation · q2 2026
why doing nothing was the quarter's best trade
03 jul 2026 · letter
why doing nothing was the quarter's best trade
The cash pile grew, the watchlist got longer, and not a single business I own got worse. A letter on holding still.