2Q25 Letter

I’m pleased to share the second quarter 2025 update for the Longriver Partners Fund. You can read it in the Letters section of this site once you’ve registered. I explore how AI is moving from hype to habit, what this might mean for Big Tech and why I believe distribution will matter more than invention. This sets the stage to walk through our investments in Meta, Nvidia, Tencent and TSMC.  I also offer my thoughts on what it means for businesses as knowledge work shifts from a fixed to a variable cost.