Research and Commentary

Case Studies
ALJ Regional Holdings – June 2015
SWK Holdings – June 2015

2017
Investor Letter – Q1 2017 (Must be logged in to view)

2016
Investor Letter – Q4 2016 (Must be logged in to view)
Investor Letter – Q3 2016 (Must be logged in to view)
Investor Letter – Q2 2016 (Must be logged in to view)

2015
Video – Arquitos Capital Partners 2015 Annual Meeting (Must be logged in to view)
Investment Research – SWK Holdings, June 23, 2015
A Report From Arquitos Capital Management – How We Think About NOLs
Comments in the Wall Street Journal – What’s the Right Multiple for Berkshire?

Investor Letter – Q4 2015 (Must be logged in to view)
Investor Letter – Q3 2015 (Must be logged in to view)
Investor Letter – Q2 2015 (Must be logged in to view)
Investor Letter – Q1 2015 (Must be logged in to view)

2014
Investment Research – ALJ Regional Holdings, February 21, 2014

Investor Letter – Q4 2014 (Must be logged in to view)
Investor Letter – Q3 2014 (Must be logged in to view)
Investor Letter – Q2 2014 (Must be logged in to view)
Investor Letter – Q1 2014 (Must be logged in to view)

2013
Investor Letter – Q4 2013 (Must be logged in to view)
Investor Letter – Q3 2013 (Must be logged in to view)
Investor Letter – Q2 2013 (Must be logged in to view)
Investor Letter – Q1 2013 (Must be logged in to view)

2012
Investor Letter – Q4 2012 (Must be logged in to view)
Investor Letter – Q3 2012 (Must be logged in to view)
Investor Letter – Q2 2012 (Must be logged in to view)
Investor Letter – Q1 2012 (Must be logged in to view)