THE ARCHIVE

One letter a year.

Everything we believe, on the record, since 1974. We reprint the mistakes with the rest; they are the letters people ask for most.

On the discipline of doing nothing2026 Fifty years of holding on2025 What we sold, and why it hurt2024 The case against our own cleverness2023 Boredom, compounded annually2022 Twelve businesses, revisited2021 A year we would rather not repeat2020 Why we still answer the telephone2019