{"id":33,"date":"2026-01-20T05:48:35","date_gmt":"2026-01-20T05:48:35","guid":{"rendered":"https:\/\/ellowww.com\/demo\/logicon\/?page_id=33"},"modified":"2026-01-27T14:51:27","modified_gmt":"2026-01-27T14:51:27","slug":"letters","status":"publish","type":"page","link":"https:\/\/ellowww.com\/demo\/logicon\/?page_id=33","title":{"rendered":"Letters"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"33\" class=\"elementor elementor-33\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7f2f923 elementor-hidden-mobile e-flex e-con-boxed e-con e-parent\" data-id=\"7f2f923\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-98ded88 e-con-full e-flex e-con e-child\" data-id=\"98ded88\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-137d2a1 elementor-hidden-desktop elementor-hidden-tablet e-flex e-con-boxed e-con e-parent\" data-id=\"137d2a1\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-337895e elementor-widget__width-inherit elementor-widget elementor-widget-image\" data-id=\"337895e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1236\" height=\"526\" src=\"https:\/\/ellowww.com\/demo\/logicon\/wp-content\/uploads\/2026\/01\/letters-banner.png\" class=\"attachment-full size-full wp-image-894\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7fa9d20 e-flex e-con-boxed e-con e-parent\" data-id=\"7fa9d20\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f16b229 fade-up-content elementor-widget elementor-widget-heading\" data-id=\"f16b229\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Annual Letter 2025: Restraint as Alpha<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-80aaaa7 fade-up-content elementor-widget elementor-widget-text-editor\" data-id=\"80aaaa7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>2025 reinforced a simple truth: discipline matters most when markets appear calm. We position the portfolio for capital cycles, not calendar years. While asset prices recovered across parts of the market, dispersion remained high, and risk was often underappreciated.<br \/>Our priority remained unchanged: protect capital first, deploy selectively, and preserve flexibility.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ec269f3 fade-up-content p-tag-margin  line-break-wrap elementor-widget elementor-widget-text-editor\" data-id=\"ec269f3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc9223a fade-up-content elementor-widget elementor-widget-text-editor\" data-id=\"cc9223a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>The Value of Restraint<\/strong><\/p><p>Throughout 2025, we approached deployment with restraint. Opportunities were abundant, but only a limited number met our underwriting standards.<\/p><p>In public markets, we emphasized balance sheet strength and valuation support while maintaining meaningful liquidity. In private markets, we committed capital primarily to established managers operating in segments where dislocation created attractive entry points.<\/p><p>Select special situations and structured credit investments benefited from market volatility, reinforcing the value of preparedness and patience. The ability to do nothing remains an underappreciated advantage.<\/p><p><br \/><strong>Resilience Through Structure<\/strong><\/p><p>Capital preservation remained central to portfolio construction. By avoiding excessive leverage and maintaining diversification across asset classes, we navigated periods of volatility without forced action.<\/p><p>In several instances, market stress allowed us to add to high-conviction positions at improved terms. In others, restraint proved equally valuable.<\/p><p>Partnership quality continued to differentiate outcomes. Our managers and operating partners demonstrated discipline under pressure, reinforcing our belief that alignment and judgment matter more than market timing. These relationships, built over years, allowed us to move with confidence when conditions warranted.<\/p><p><br \/><strong>Looking Ahead<\/strong><\/p><p>We enter 2026 with humility toward uncertainty and confidence in our process. Capital will remain patient, liquidity intentional, and risk tightly controlled.<\/p><p>Our responsibility is not to predict markets, but to remain prepared for them.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8c2c2b5 fade-up-content p-tag-margin elementor-widget elementor-widget-text-editor\" data-id=\"8c2c2b5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Logicon Capital<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-349d2a6 fade-up-content p-tag-margin elementor-widget elementor-widget-text-editor\" data-id=\"349d2a6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>January 2026<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d19a149 fade-up-content p-tag-margin  line-break-wrap elementor-widget elementor-widget-text-editor\" data-id=\"d19a149\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c0bd8fd e-con-full fade-up-content e-flex e-con e-child\" data-id=\"c0bd8fd\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8ca43f9 elementor-widget elementor-widget-heading\" data-id=\"8ca43f9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Perspectives<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-bcaa96f e-con-full e-flex e-con e-child\" data-id=\"bcaa96f\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8a5fa6b p-tag-margin elementor-widget elementor-widget-text-editor\" data-id=\"8a5fa6b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong><a href=\"https:\/\/ellowww.com\/demo\/logicon\/?page_id=1109\">Why We Maintain Permanent Liquidity<\/a><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb6a440 elementor-widget elementor-widget-text-editor\" data-id=\"bb6a440\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>March 2024<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3af2d6a e-con-full e-flex e-con e-child\" data-id=\"3af2d6a\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-67fc7fa p-tag-margin elementor-widget elementor-widget-text-editor\" data-id=\"67fc7fa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong><a href=\"https:\/\/ellowww.com\/demo\/logicon\/?page_id=1154\">The Case Against Performance Marketing<\/a><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b6431c5 elementor-widget elementor-widget-text-editor\" data-id=\"b6431c5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>September 2024<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ca71234 e-con-full e-flex e-con e-child\" data-id=\"ca71234\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1cd0e18 p-tag-margin elementor-widget elementor-widget-text-editor\" data-id=\"1cd0e18\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/ellowww.com\/demo\/logicon\/?page_id=1155\"><strong>Evaluating Manager Alignment<\/strong><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cb99096 elementor-widget elementor-widget-text-editor\" data-id=\"cb99096\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>November 2024<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Annual Letter 2025: Restraint as Alpha 2025 reinforced a simple truth: discipline matters most when markets appear calm. We position the portfolio for capital cycles, not calendar years. While asset prices recovered across parts of the market, dispersion remained high, and risk was often underappreciated.Our priority remained unchanged: protect capital first, deploy selectively, and preserve [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-33","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/ellowww.com\/demo\/logicon\/index.php?rest_route=\/wp\/v2\/pages\/33","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ellowww.com\/demo\/logicon\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/ellowww.com\/demo\/logicon\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/ellowww.com\/demo\/logicon\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ellowww.com\/demo\/logicon\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33"}],"version-history":[{"count":56,"href":"https:\/\/ellowww.com\/demo\/logicon\/index.php?rest_route=\/wp\/v2\/pages\/33\/revisions"}],"predecessor-version":[{"id":1603,"href":"https:\/\/ellowww.com\/demo\/logicon\/index.php?rest_route=\/wp\/v2\/pages\/33\/revisions\/1603"}],"wp:attachment":[{"href":"https:\/\/ellowww.com\/demo\/logicon\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}