Existing Public Portfolio

If you've checked out our investment strategy on the website, the portfolio below should click. As an entrepreneur, I get why diversification is drilled into you at MBA programs—it's essential when you're managing millions of people’s retirement savings. But for Franny Amare, we’re taking the opposite approach. Instead of scattering bets across a bunch of businesses, we’re going deep, focusing on a select few and giving them the attention they need.

We’ll dive deeper into strategy, performance, and future prospects in the next section. For now, here are our current holdings. When you review these businesses, keep this in mind: We’re not stock traders; we’re business owners.

PayPal

PayPal is a global leader in digital payments, with a well-established brand and massive user base that spans over 400 million active accounts. As the world continues to transition toward cashless transactions and e-commerce grows, PayPal is positioned to capitalize on this shift with its trusted platform. Its strong ecosystem, which includes services like Venmo and Braintree, allows it to serve consumers and businesses alike, driving a diverse and steady revenue stream. Additionally, PayPal’s focus on innovation in areas like Buy Now, Pay Later (BNPL) services and cryptocurrency enhances its appeal to a broader range of users and strengthens its long-term growth trajectory.

Looking ahead, PayPal's deep integration into the digital economy, combined with its relentless focus on innovation, positions the company for sustained success. Its strong relationships with merchants and consumers, along with expanding offerings in financial technology, give it a solid foundation to capture even more market share in the growing digital payments industry. As cash transactions continue to decline globally, PayPal’s ability to scale and innovate will enable it to remain a dominant player, ensuring long-term growth and shareholder value.

Palantir

Palantir is uniquely positioned as a leader in the fast-growing fields of data analytics and artificial intelligence, with a strong foothold in both government and enterprise sectors. Its Gotham platform is vital for defense and intelligence agencies, providing critical insights from vast datasets to support national security, while its Foundry platform offers businesses powerful tools to optimize operations and make data-driven decisions. As the importance of big data and AI continues to rise, Palantir's sophisticated technology and deep integration into these sectors give it a significant competitive edge.

Looking to the future, Palantir’s long-term growth potential lies in the increasing demand for data-driven solutions across a wide range of industries, from healthcare to energy to finance. With its strong track record and reputation for handling sensitive and complex data, Palantir is well-positioned to expand its commercial customer base while maintaining steady government contracts. Its ability to innovate and scale, combined with high switching costs for clients, makes Palantir a key player in the evolving data analytics landscape, ensuring strong growth prospects for years to come.

SoFi

SoFi is rapidly transforming the financial services industry with its all-in-one digital platform, offering everything from loans and mortgages to investing, insurance, and cryptocurrency trading. This comprehensive approach positions SoFi as a one-stop-shop for personal finance, making it highly attractive to younger, tech-savvy consumers looking for convenience and seamless integration of their financial needs. SoFi’s recent transition to a bank holding company allows it to offer lower-cost services and improved interest rates, enhancing profitability and growth potential. This new status also provides a competitive edge over fintech rivals by enabling SoFi to offer more traditional banking products.

Looking ahead, SoFi’s continued innovation and customer-centric approach position the company for sustained growth. Its diverse product ecosystem increases customer lifetime value, while its ability to disrupt traditional banking models and capture market share in key areas like lending, investing, and digital banking sets it apart. As more consumers shift to digital financial services, SoFi’s ability to attract and retain a growing customer base will fuel its long-term success.

Rocket Labs

Rocket Labs is at the forefront of the growing space economy, specializing in cost-effective and reliable small satellite launches. As demand for satellite-based services such as communication, Earth observation, and data collection surges, Rocket Labs is well-positioned to capitalize on the increasing need for frequent, lower-cost launches. With its Electron rocket and upcoming Neutron rocket, the company is expanding its capabilities to serve a broader market, including government, defense, and commercial sectors.

Rocket Labs’ vertical integration, which includes manufacturing, launch services, and satellite solutions, provides a competitive edge in both reducing costs and offering end-to-end space services. As more industries rely on satellite data for critical operations, Rocket Labs stands to benefit from the exponential growth in space-related activities. With its proven track record, strong customer base, and continuous innovation, Rocket Labs is poised for significant long-term growth in the burgeoning space economy.

NextTracker

NextTracker, a leading provider of solar tracking solutions, is well-positioned to capitalize on the rapid global transition to renewable energy. As governments worldwide accelerate efforts to combat climate change, the demand for clean, cost-effective energy sources continues to soar. Solar power, as one of the most abundant and sustainable forms of energy, stands at the forefront of this shift. NextTracker’s advanced tracking technology optimizes the efficiency of solar panels by dynamically adjusting their position to follow the sun’s movement throughout the day, increasing energy production by up to 25%. With solar power adoption gaining traction across both developed and emerging markets, NextTracker’s cutting-edge solutions are poised to benefit from the expanding global solar energy infrastructure.

Moreover, NextTracker’s strong track record of successful deployments, robust pipeline of projects, and strategic partnerships with leading solar developers position it as a key player in the solar energy value chain. The company’s products, including its NX Horizon and NX Gemini systems, are recognized for their reliability, scalability, and adaptability across diverse geographic regions and project sizes. With solar energy becoming an increasingly critical component of national energy grids, NextTracker stands to see significant revenue growth as utility-scale solar projects proliferate. The ongoing push for decarbonization, alongside technological advances in energy storage and grid integration, further strengthens the long-term growth potential for NextTracker, making it a compelling investment in the rapidly growing renewable energy sector.

Existing Private Portfolio

Impello Biosciences

Impello is at the forefront of sustainable agriculture, offering a cutting-edge line of microbial and biochemical inputs designed to enhance plant health, boost yields, and elevate overall crop quality. What sets Impello apart is its commitment to working in harmony with nature, developing products that foster healthier soil and stronger plants without relying on harmful chemicals. In addition to supporting robust plant growth, Impello’s solutions improve crop flavor, reduce the need for pesticides, and help create more resilient, stress-tolerant crops.

Mänresa

Manresa is a premium kitchen brand designed with a focus on outdoor enthusiasts and a predominantly male audience, combining rugged elegance with functionality. While its products resonate with weekend grillers and outdoor cooking aficionados, Manresa strategically targets the $500 billion corporate gifting industry, offering distinctive, high-quality tools that stand out in a crowded marketplace.

9Putt

9Putt is a high-end putting mat designed to elevate putting practice by focusing on real skill development while incorporating gameplay elements that make it engaging and fun for players of all skill levels. Combining premium materials with thoughtful design, 9Putt transforms at-home practice into an enjoyable experience that improves performance and brings people together.

Strategy Discussion And Performance

At Franny Amare, we’re not following the well-trodden path of diversification for diversification’s sake. We believe there’s a more effective way to build long-term value, and here’s how.

Diversification is a Hedge Against Ignorance

Warren Buffett famously said, “Diversification is protection against ignorance.” He wasn’t dismissing diversification entirely, but rather highlighting that it often serves as a safeguard for investors who don’t fully understand the businesses they’re investing in. At Franny Amare, we don’t believe in relying on safety nets. Our philosophy is to avoid ignorance as best we can by deeply understanding the companies we own. We don’t need to own dozens of stocks because we prefer to be laser-focused on a few great businesses that we know inside and out.

Spreading capital across numerous companies might help reduce risk in theory, but it also dilutes the ability to fully capture the upside from the very best opportunities. Diversification can protect you from losses in one area, but it often leads to average results across the board, muting the impact of exceptional performance from any single investment. For us, concentration—not diversification—creates the conditions for extraordinary results.

By focusing on fewer companies, we can take the time to thoroughly evaluate their business models, leadership, competitive advantages, and long-term growth prospects. This allows us to invest with confidence, rather than relying on diversification to spread risk. We believe that when you truly understand the companies you own, you don’t need to hedge your bets. Instead, you can make meaningful, high-conviction investments that maximize the potential for outsized returns.

In essence, diversification is often used by those who want to avoid mistakes, but we view it as a strategy that prevents you from hitting home runs. Our goal is to not just avoid mistakes but to identify those rare opportunities that can transform our portfolio. By fully committing to a select few businesses, we position ourselves to capture the full upside when those companies succeed.

We Invest in Low Downside Risk, High Upside Potential

Our strategy centers on finding companies with low downside risk and high upside potential. This approach allows us to concentrate our investments in areas where we see the greatest opportunities for growth, without the need to spread our bets across numerous businesses just for the sake of diversification. When you deeply understand a business—its operations, its market dynamics, its leadership, and its competitive position—you can better measure the margin of safety, which in turn enables us to deploy capital more effectively, ensuring that the potential reward far outweighs the risk.

We don’t see the need to chase every opportunity. Instead, we focus on businesses that offer asymmetrical risk-reward profiles. The companies we invest in are those where the downside is limited by a strong balance sheet, durable competitive advantages, or long-term market trends that reduce the likelihood of significant loss. At the same time, we target companies where the upside potential is substantial, driven by innovation, scalability, or the ability to capture new market opportunities.

This disciplined focus on high-conviction investments allows us to navigate volatility without being overly concerned about short-term market fluctuations. Rather than spreading our capital thin across a wide range of companies to mitigate risk, we build a deep understanding of a select few businesses that we believe can weather downturns and capitalize on future growth. This enables us to make larger, more meaningful investments that have the potential to generate outsized returns over time.

Market Cap is the Lowest Common Denominator

For many investors, market capitalization has become the go-to metric when assessing a business. It’s a straightforward calculation—multiplying stock price by shares outstanding—and gives a snapshot of what the market thinks a company is worth at any given time. While it's a basic figure, it often becomes the one reliable metric to fall back on when making investment decisions. In situations where other indicators may be unclear or volatile, market cap provides a degree of confidence that a stock may be undervalued.

However, relying solely on market cap can obscure a company's deeper, more fundamental value. Market cap tells you how the business is perceived today, but it doesn’t reflect where the company is headed or its true long-term potential. At Franny Amare, we use market cap as a starting point, but we don’t stop there. We look beyond the surface to analyze what truly drives a company—its growth potential, operational strengths, and ability to generate consistent cash flows over time.

In moments of uncertainty, market cap can indeed serve as a solid fallback to gauge relative size and value, but we believe that the real opportunity lies in understanding what a business can produce in the future, not just what the market currently assigns as its worth. It’s about digging deeper into the fundamentals that drive value. By focusing on the long-term prospects of a company, we avoid the distractions of short-term market fluctuations and zero in on owning businesses that can grow and thrive over time.

While market cap can offer a useful snapshot, it’s just one part of a much larger picture. At Franny Amare, we believe that combining this metric with deeper analysis is the key to making investment decisions that stand the test of time.

You Must Be Able to Objectively Predict Future Cash Flows

At the end of the day, any investment comes down to one core question: Can you accurately predict future cash flows? This is the heart of understanding the value of a business. If we can’t forecast with confidence where a company is headed—we won’t invest. This is a fundamental principle at Franny Amare. We don’t rely on market sentiment or speculation. We base our decisions on a clear understanding of a business's long-term potential and its ability to generate reliable, sustainable cash flows over time.

When we find a company we believe in, we invest heavily. We commit a significant percentage of our total net worth because we don’t view our investments as mere stock picks—we see them as businesses we own. Our mindset is that of a business owner, not just an investor looking for a short-term gain. This ownership mentality drives everything we do. It pushes us to fully immerse ourselves in understanding the company’s operations, market conditions, and leadership so that we can add value as a partner, not just as a passive investor.

We don’t invest to diversify risk—we invest to capitalize on the best opportunities. When we commit, we do so with conviction, believing that the companies we invest in will thrive. This high-conviction approach allows us to focus our efforts, expertise, and capital on the businesses we believe have the greatest potential for long-term success. By investing heavily and thinking like owners, we align our goals with those of the businesses we invest in, creating a partnership that benefits both sides over the long haul.

Cash Is King

One of the key ways we reduce risk while maintaining a concentrated portfolio is by always holding a significant amount of cash. At Franny Amare, we believe cash isn’t just a safeguard—it’s a strategic asset. In times of market volatility or uncertainty, cash allows us to stay patient and avoid making rushed decisions. It gives us the flexibility to act quickly when opportunities arise, allowing us to deploy capital where we see the most potential, without having to sell existing positions at inopportune moments.

Holding cash also helps us manage the inherent risks of a concentrated portfolio. While we focus on owning a select few businesses that we deeply understand and believe in, cash acts as a buffer against unexpected market downturns or unforeseen events. This allows us to weather short-term fluctuations without being forced into unfavorable decisions. In essence, cash provides the runway we need to maintain our long-term perspective.

Additionally, cash enables us to take advantage of market dislocations. When great companies temporarily face undervaluation or when new opportunities arise, having cash on hand allows us to move decisively. In this way, cash isn’t just about protection—it’s about being ready to capitalize on the opportunities that others might miss.

In our strategy, we see cash as both a risk management tool and an opportunity enabler. It strengthens our ability to concentrate on the companies we believe in, while giving us the agility to seize new possibilities as they come.

Respect Risk, Do Not Fear It

Risk is an inherent part of investing and being human, but how we approach it defines the outcomes we achieve. At Franny Amare, we respect risk by understanding it deeply, quantifying it objectively, and managing it strategically. However, we don’t let fear of risk dictate our decisions. Fear often leads to hesitation, over-diversification, or missed opportunities—behaviors that prevent meaningful success.

Respecting risk means acknowledging the potential for loss but not letting it paralyze us. Instead, we embrace a calculated approach. This begins with knowing what we don’t know and being honest about uncertainties. When we invest, we don’t take blind leaps of faith; we take measured steps, informed by thorough research and a margin of safety that protects against downside scenarios.

Fear-based investing often leads to chasing market trends, spreading capital too thin, or avoiding bold moves altogether. Respecting risk, on the other hand, means preparing for volatility, accepting it as a natural part of the process, and positioning ourselves to endure and capitalize on it. Our commitment to holding cash, focusing on high-conviction investments, and understanding our businesses intimately all stem from this principle.

We believe risk is not something to be eliminated; it’s something to be managed intelligently. When you respect risk, you can take bold, confident actions that position you for extraordinary results. By focusing on what we can control—deep analysis, strong financial fundamentals, technological understanding, and patience—we mitigate the need to fear what we cannot.

Analogies We Live By

The Franny Amare Approach: A Thoughtful, Long-Term Perspective

In the world of investing, one question stands above all others: Why choose an active investment fund over an S&P 500 index fund? It’s not just a fair question—it’s the only question. The S&P 500 represents a diversified collection of leading companies across industries, and over time, the index tends to outperform most individual investors and funds. Statistically, about 80% of the stocks in the S&P 500 underperform the index itself annually. So, if you’re putting your money into an active fund, you’re betting that the manager can beat those odds consistently.

At Franny Amare, we welcome this challenge. Our investment strategy isn’t about grandstanding or promises of guaranteed returns—it’s about disciplined execution, thoughtful analysis, and a commitment to identifying asymmetric opportunities where the potential upside far outweighs the risks. We aim to provide not just returns, but a perspective that is grounded in reality, shaped by insights from history, technology, and human behavior, and tested against the complexities of the modern market.

The Terrain, the Human, and the Dog: A Framework for Investing

To understand how we think about investing, let’s start with an analogy. Picture a person walking a dog on a leash. The dog represents the stock price—unpredictable, darting here and there, often running ahead or lagging behind. The person represents the intrinsic value of the company, which evolves steadily based on its fundamentals. And the terrain they traverse? That’s the societal trends shaping the path ahead. The most predictable aspect of this analogy is the terrain. Societal trends develop slowly, over years or decades, much like the contours of a landscape. The least predictable element is the dog—stock prices are influenced by sentiment, speculation, and a host of external factors that can drive short-term volatility. But here’s the key: the dog is tethered to the human. Just as stock prices ultimately converge with intrinsic value, a company’s valuation cannot stray far from its fundamentals for long.

Meanwhile, the person’s ability to navigate the terrain depends on aligning with societal trends. A company that ignores these trends—like trying to climb a sheer cliff—will lose its footing and fall. This framework guides how we evaluate companies, markets, and opportunities. We’re not interested in chasing dogs. We focus on the terrain and the human: the societal forces shaping the market and the intrinsic value of the businesses we invest in.

Avalanches and Glaciers: The Alpha Opportunity

At Franny Amare, we categorize the forces driving investment opportunities into two distinct types: avalanches and glaciers. Both are transformative, but they operate on vastly different timelines and require unique approaches to harness their potential.

Avalanches: Rapid, Transformational Change: Avalanches are the wave-like trends of the market—sudden, dramatic shifts that reshape industries seemingly overnight. These are the rapid technological or societal transformations, like the rise of ICE transportation, the internet, social media, or artificial intelligence. Avalanches bring immense opportunity for those who recognize them early and position themselves wisely. However, avalanches can also bring risks. The sheer speed and scale of these trends often result in speculative bubbles, where valuations far outpace fundamentals. Companies riding these waves may promise extraordinary growth, but without a solid foundation, many fail to deliver once the hype subsides.

Our approach to avalanches is measured and disciplined. We focus on businesses with positive operating income or a clear trajectory toward profitability. These are companies already generating value, even as they ride the momentum of transformative change. By avoiding businesses built solely on speculative “growth stories,” we minimize downside risk while participating in the upside of these rapid shifts.

Glaciers: Slow, Predictable Transformation: Glaciers represent geological trends—those steady, long-term shifts that reshape the landscape over decades. These include trends like the aging population, urbanization, or the transition to renewable energy. Glaciers may move slowly, but their impact is profound, providing a stable foundation for sustained growth.

Companies aligned with glacier-like trends tend to face less volatility, offering more reliable returns over time. Market sentiment often underestimates the power of these trends, leading to undervalued opportunities. For these investments, we look for businesses trading at low multiples but positioned to benefit from these enduring forces. As market perceptions adjust, we anticipate a reversion to higher valuations, creating outsized returns for patient investors.

Methodology

Our Methodology: A Disciplined Approach to Discovering Value

At Franny Amare, our methodology reflects a commitment to uncovering opportunities that others overlook. Whether we’re evaluating public companies, private businesses, or niche markets, our approach is grounded in a deep understanding of the forces that shape markets and the discipline to act only when the odds are decisively in our favor. Our methodology isn’t just a series of steps—it’s a philosophy rooted in the interplay of data, judgment, and insight. Here’s how we think about finding and acting on investment opportunities.

1. Expanding the Search for Opportunity

The investment landscape is vast, and value often hides in places most investors don’t think to look. While many focus solely on public equities, we broaden our search to include private companies, overlooked industries, and alternative markets that align with our principles of financial sustainability and growth potential. To do this, we leverage accessible data from public listings, alternative marketplaces, and even niche platforms that list private businesses for sale. These sources allow us to uncover opportunities that don’t make headlines but have the potential to deliver significant returns. Our expanded search reflects a simple truth: the best investments are rarely obvious. By looking where others aren’t, we gain a unique edge.

2. Tailored Filters: Aligning with Our Philosophy

Once we’ve identified a broad set of opportunities, we apply rigorous screening criteria that reflect our investment philosophy. Our goal is to filter out noise and focus on businesses that align with our belief in financial sustainability, operating income, and long-term growth potential.

We focus on companies with:

• Positive operating income or a strong trend toward profitability: Growth is important, but it must be grounded in a company’s ability to generate value. We avoid speculative plays with no clear path to financial sustainability.

• Sustainable revenue growth: We look for businesses that are aligned with secular growth trends, ensuring their potential isn’t dependent on fleeting market sentiment.

• Minimal downside risk: Whether public or private, the companies we invest in must demonstrate resilience in their fundamentals, protecting against major valuation losses.

These filters ensure that every opportunity we consider aligns with our core principle: asymmetric upside relative to risk.

3. Deep Context: Beyond Financial Metrics

Numbers tell part of the story, but understanding a company—and the trends that drive it—requires a deeper perspective. At Franny Amare, we go beyond financial statements to evaluate the broader context of each opportunity.

For example:

• Societal Alignment: Does the company’s business model align with long-term societal trends? A business that adapts to societal shifts—like the move toward renewable energy or the rise of digital payments—has a greater chance of maintaining its intrinsic value over time.

• Management Quality: We place a high premium on leadership. Visionary CEOs with a clear roadmap, proven execution, and disciplined cash flow management are critical to long-term success.

• Market Sentiment: While fundamentals guide our decisions, sentiment informs our timing. Fear, greed, and misjudgment create inefficiencies, and understanding these dynamics helps us find the best entry and exit points.

This commitment to context ensures that we invest not only in strong businesses but in businesses that are positioned to thrive within their environment.

4. Leveraging Cyclical Opportunities

Certain industries, like solar or semiconductors, are inherently cyclical. While many investors shy away from these sectors due to their volatility, we see cyclical downturns as opportunities to invest at favorable valuations. By focusing on long-term compound annual growth rates (CAGR) over five to ten years, we can look past short-term fluctuations and identify businesses with enduring growth trajectories.

In these sectors, our approach is to:

• Take profits during periods of overvaluation.

• Reinvest during downturns when valuations are more attractive.

• Maintain a long-term view, focusing on companies that can weather cycles and emerge stronger.

This disciplined strategy allows us to capitalize on the inherent rhythms of cyclical industries while staying aligned with our broader principles.

5. Leveraging Tools to Accelerate Discovery

At Franny Amare, we recognize the power of tools—not as magical solutions, but as enablers that complement our disciplined investment philosophy. By combining existing resources with custom-built solutions, we aim to leverage software’s unmatched ability to process data at scale and uncover opportunities far faster than traditional methods allow. This approach positions us to identify value in both public and private markets while maintaining the rigor and selectivity that define our strategy.

What We’re Building:

We’re in the early stages of developing a suite of tools designed to enhance our analysis and discovery process. These tools will focus on integrating data, streamlining workflows, and tailoring insights to our specific investment criteria:

• Aggregating Data Across Markets: By incorporating information from private broker platforms, alternative data sources, and public filings, our tools will help surface overlooked opportunities, especially among smaller, profitable businesses often ignored by institutional investors.

• Tailored Screening and Filtering: Our tools will embed metrics aligned with Franny Amare’s philosophy, such as positive operating income, sustainable growth, and alignment with secular trends. These filters will allow us to zero in on companies that meet our high standards.

• Streamlining Opportunity Analysis: In its early iterations, these tools will simplify how we search, filter, and evaluate investments. Over time, we aim to incorporate intelligent recommendations, deeper pattern recognition, and the integration of non-traditional data points, such as customer sentiment or regional economic trends.

The Vision Ahead

This initiative is not about creating a single “silver bullet” solution, but about continually improving our toolkit to enhance speed, accuracy, and insight. As we refine these tools and expand their capabilities, we see significant potential to go beyond conventional market analysis and identify patterns others might miss.

At its core, this effort reflects a core belief at Franny Amare: the future of investing lies in blending traditional wisdom with the speed and breadth of modern technology. By building tools that align with our disciplined approach, we aim to uncover opportunities that align with our principles of financial sustainability, growth potential, and manageable risk—opportunities that might otherwise go unnoticed in a crowded and noisy market.

6. Staying Disciplined in Execution

The final, and perhaps most important, step in our methodology is discipline. Opportunities are only valuable if they align with our philosophy and criteria. We don’t chase hype, and we don’t let fear or greed dictate our decisions. Instead, we rely on fundamentals and calculated judgment to guide our actions.

Our disciplined execution is supported by:

• Maintaining Cash Reserves: We always keep a significant cash position, allowing us to act decisively during market downturns or when undervalued opportunities arise.

• Systematic Profit-Taking: By adhering to fixed cash-to-equity ratios, we ensure that we take profits during market upswings, maintaining balance and reducing risk.

• Avoiding Overvaluation: No matter how compelling a company’s story, we avoid investments trading at “nosebleed” valuations. A good business is only a good investment if the price is right. This discipline is what allows us to navigate volatile markets with confidence and consistency.

A Methodology Built for the Future

Our methodology is not static—it evolves alongside markets, technologies, and trends. But at its core, it remains rooted in a simple truth: the best opportunities come from deep understanding, careful judgment, and disciplined execution. By expanding our reach, refining our tools, and staying true to our principles, we position Franny Amare to deliver exceptional value over the long term. At the end of the day, investing isn’t just about what you see—it’s about knowing where to look, what to prioritize, and when to act. At Franny Amare, we believe our methodology embodies this mindset, ensuring that we remain a step ahead in the pursuit of meaningful, sustainable growth.

Concluding Meditations

As we bring this year’s update to a close, I want to take a moment to reflect on where we are, where we’ve been, and, most importantly, where we’re headed. At Franny Amare, we’ve always aimed higher than just building a solid portfolio. We’re in the business of creating a lasting institution—one that is built to thrive not just in our time but long after we’re gone.

This year has been a testament to our belief in deep ownership over diversification. We've identified companies we believe in, companies with the potential to change industries and create lasting value. Each business in our portfolio was carefully chosen, not for the sake of short-term gains or market hype, but because we see a clear path forward for these organizations to grow and succeed. And we haven’t just invested in them—we’ve become part of their journey, aligning ourselves with their future success.

By going against the grain of conventional diversification strategies, we’re taking on a level of responsibility and focus that few others choose. Diversification, in many cases, is a way to spread risk when you don’t have deep conviction or a full understanding of the businesses you’re involved with. But at Franny Amare, we don’t spread ourselves thin. We double down on businesses we know, businesses we believe will not only weather challenges but emerge stronger because of them. It’s about ownership—real, long-term ownership that’s rooted in understanding and foresight.

That’s not to say the path forward is without its challenges. Just as Marcus Aurelius faced overwhelming odds during his reign, we, too, will encounter obstacles along the way. But as we’ve discussed throughout this update, those challenges are not something to shy away from. In fact, they are what will shape us. Every hurdle we face is an opportunity to adapt, to learn, and to strengthen our resolve. We’ve seen this time and again, not just in business, but in life—true growth comes from facing the hard things head-on and finding a way through them.

Looking back on the past year, I’m incredibly proud of what we’ve accomplished. We’ve made strategic investments in companies that align with our values and long-term vision. We’ve assembled a remarkable team of leaders and advisors—each of whom brings unique skills and perspectives that are essential to our future. This “Council of Knowledge,” as we’ve dubbed it, is integral to our success, and their expertise will continue to guide us as we move forward.

But perhaps more importantly, we’ve laid the groundwork for what we want Franny Amare to become: an institution that lasts for centuries, driven by a clear purpose and unwavering values. Our vision extends far beyond the next quarter or even the next decade. We’re thinking in terms of generations—building something that can stand the test of time, much like the great institutions and empires of history.

Marcus Aurelius, despite finding himself as an emperor with unhinged power, understood that no single person, no single leader, could ensure the long-term success of an institution. It takes more than just individual strength—it takes a foundation of principles that can endure across generations. That’s why we’re not just building a company for today. We’re setting the stage for future leaders to step in, guided by the same values and vision that we hold dear today.

This year marks the beginning of that journey. With every decision, every challenge, and every success, we’re laying the bricks for something far bigger than ourselves—a legacy that will continue to grow and evolve long after we’re gone. As we move forward, we remain committed to our core belief that what stands in the way becomes the way. The obstacles we face are not hindrances but stepping stones, pushing us toward greater achievements and deeper understanding.

To everyone who’s joined on this journey—I want to extend my deepest gratitude. Your trust and support are the bedrock of what we’re building. As we continue to grow, I am confident that together, we will achieve something extraordinary.

Here’s to another year of growth, purpose, and progress. Let’s continue to build a company that not only thrives in the present but leaves a legacy that will inspire future generations.

Thank you for being part of Franny Amare’s story. The best is yet to come.