Letter

Greenhaven Road Capital's Q2 2026 letter, on changing how the portfolio is built

Scott Miller · 2026

A manager explaining, in a weak year, how he will change the way the portfolio is built and what evidence would prove each of his largest positions right or wrong.

• Investing
• Decision-making

1 idea from this letter

• TechniqueInvesting

  State, for each holding, what would have to happen for the thesis to be right

  Write the thesis with its test attached: the variant view, the evidence, and the event that would confirm or refute it.

  Writing a stock pitch, reviewing a portfolio, and any investment committee that wants to know what would change your mind.