2Q25 Letter

I’m pleased to share the second quarter 2025 update for the Longriver Partners Fund. You can read it here or 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.