LETTERS

One page a month. Dated. Kept.

One letter a month, first Tuesday, the same page to everyone. Every letter stays up with its date, unedited.

The letters are general, impersonal commentary on businesses and on how Bayou conducts its own affairs. They are not investment advice and are not written for any reader’s situation. Bayou does not answer questions about what any reader should buy, sell, or hold.

LETTER 001 · NOVEMBER 2026

Why we write these down.

Most people who allocate capital show you the result and hide the reasoning. We do the opposite. Results stay private. Reasoning, written down before the fact, is the only honest measure of whether a decision was good. A good outcome from bad reasoning is luck. We would rather know.

Each letter does three things: takes one business apart, states one principle we use, and names one mistake of our own. None of them will tell you what to buy, and none will change after it is published.

Next month: a business you have walked past a hundred times.

— Ayan Zindani, Bayou Inc