The Library

2026

Q1 2026

A detour, not damage

M. Nicoletti & J. Wallace

2025

Q4 2025

Motorcycles & sailboats

Interactive

Q3 2025

Read the letter (PDF) ↗

Q2 2025

Read the letter (PDF) ↗

When Innovation Hides the Bubble

J. Wallace · Essay (PDF) ↗

Q1 2025

Read the letter (PDF) ↗

Tools of Labor & Thought

J. Wallace · Essay (PDF) ↗

2024

Q4 2024

Read the letter (PDF) ↗

Leadership as Value

M. Nicoletti · Memo (PDF) ↗

Q3 2024

Read the letter (PDF) ↗

Nvidia's 5 Risks

M. Nicoletti · Memo (PDF) ↗

Q2 2024

Read the letter (PDF) ↗

A Brief History of Yield Curve Inversions

J. Wallace · Essay (PDF) ↗

Q1 2024

Read the letter (PDF) ↗

2023

Q4 2023

Read the letter (PDF) ↗

Q3 2023

Read the letter (PDF) ↗

Nvidia's Cornerstone for AI Dominance

J. Wallace · Essay (PDF) ↗

Q2 2023

Read the letter (PDF) ↗

AI is the Real Web3

J. Wallace · Essay (PDF) ↗

Q1 2023

Read the letter (PDF) ↗

2022

Q4 2022

Read the letter (PDF) ↗

Q3 2022

Read the letter (PDF) ↗

Q2 2022

Read the letter (PDF) ↗

Q1 2022

Read the letter (PDF) ↗

2021

Q4 2021

Read the letter (PDF) ↗

Q3 2021

Read the letter (PDF) ↗

Top Mark Capital Partners (TMCP) and Top Mark Health Partners (TMHP) are private offerings available only to accredited investors; the firm takes reasonable steps to verify accredited status before accepting any investment. This page is for informational purposes only, is not personalized investment advice, and is not an offer or solicitation in any jurisdiction where it would be unlawful. Any performance referenced is historical and described more fully, with required disclosures, in each letter. Past performance does not guarantee future results. All investing involves risk, including the possible loss of principal. Performance is presented in accordance with the SEC Marketing Rule (Rule 206(4)-1). See topmarkcapital.com/terms.

Top Mark Capital Management, 416 13th St, Suite 200, San Diego, CA 92101 · (646) 470-3016