Notes from the work.
Quarterly letters and occasional commentary from the investment team. Provided for informational purposes only — not an offer or solicitation.
On the disciplines of holding through cycles.
Duration, conviction, and the operating realities behind the businesses we own.
Read note →Pricing private secondaries against an open book.
Why publicly observable comparables are necessary, not sufficient.
Industrial software: the second decade.
Where category leaders have separated from the field, and what we expect next.
Notes from a quieter quarter.
Capital deployment, position changes, and reflections on patience.
Concentration is not risk.
A short essay on the difference between exposure and conviction.
The capital intensity of the energy transition.
Where private capital meets public-market discipline.
Receive quarterly letters by email.
We send our quarterly letter and occasional market commentary to a small list of investors and counterparties. We do not share or sell email addresses.
Disclaimer — Research published by Kerns Capital is informational only and does not constitute investment advice.