KNA Capital September 2026 Update

September marked the two-year anniversary of the Core Equity Strategy, and the results so far have been disappointing. I say that plainly, and I say “for now” for reasons I explain in this month’s letter.

The letter also covers why I sold Dick’s Sporting Goods, Domino’s, and Chemed, what the 10-year Treasury yield crossing 5% means for equity returns, how agentic AI shopping tools like Meta’s Muse could reshape consumer businesses, and why I started a new position in Watsco, the largest HVAC distributor in North America.

You can read the full letter below or by clicking here.

Please see important disclaimers.