Partner Letters
How we think, one quarter at a time.
Each quarter, Mike Nicoletti and Jason Wallace write to the Partners of Top Mark Capital. This is where those letters live — the frameworks, the positioning, and the temperament behind a concentrated, long-horizon partnership.
2026
- Q1 2026 — A detour, not damage M. Nicoletti & J. Wallace
- Q2 2026 — Publishing after quarter-end Coming
2025
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