Scott Miller · Greenhaven Road Capital
Greenhaven Road Capital's Q2 2026 letter, on changing how the portfolio is built
Covers Q2 2026Published Jul 2026Quarterly letter · Investment
What to notice
- 1
Miller frames each large holding by where his view departs from sell-side consensus, and names the evidence he relies on, such as statutory insurance filings and court records.
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Why read it
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.
About this letter
Scott Miller manages Greenhaven Road Capital, an investment partnership, and posts his quarterly letters on the firm's website. This one, dated July 2026, covers the second quarter, in which the fund returned about 11% after fees without recovering the decline of the first quarter.
Miller opens by saying performance is not where it should be, and sets out what will change: a less concentrated portfolio, more positions with identifiable near-term events, and more willingness to take profits. He then goes through the holdings where his view differs most from published analyst estimates, explaining in each case what he thinks the market has missed and which event over the following year should show whether he is right. The letter closes with four new positions and a list of the outcomes that would confirm each thesis. The figures and views are the manager's own, as of July 2026.
Companies
Themes
- investing philosophy
- valuation
- concentration
- mistakes
L3VLUP does not host this document. It belongs to Greenhaven Road Capital; the notes above are L3VLUP’s reading of it.
The same argument, elsewhere
- Giverny Capital's 2025 annual letter, on a year of underperformance · François Rochon, Giverny Capital
- Hayden Capital's Q2 2026 letter, on the "SaaS-pocalypse" and returns on reinvestment · Fred Liu, Hayden Capital
- Markel Group's 2023 letter to business partners · Thomas Gayner, Markel Group
- Fairfax Financial's 2016 letter to shareholders · Prem Watsa, Fairfax Financial Holdings