The Value Thesis

The Value Thesis

Investment Notes

2025 Annual Review

A Great Year, and Why I Obsessed Over Downside

Arda Solmaz's avatar
Arda Solmaz
Dec 29, 2025
∙ Paid

Dear Partners,

Happy Holidays to you and your families. It is the most beautiful time of the year to be with loved ones.

As we end 2025, I want to share my learnings, experiences, and a reflection on how the year went for the portfolio.

I have been in the investing world long enough to know that the downside matters the most. If you do not respect it, hard…

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