--- title: Top Mark Capital image: https://topmarkcapital.com/hubfs/TMC%20logo%20dark%20wide.png --- [Go Back Up](https://topmarkcapital.com#top) [Skip to Content](https://topmarkcapital.com#body) [![Top Mark Capital](https://topmarkcapital.com/hs-fs/hubfs/1-Feb-25-2025-10-40-08-8582-PM.png?width=700&height=70&name=1-Feb-25-2025-10-40-08-8582-PM.png "Top Mark Capital")](https://topmarkcapital.com?hsLang=en) Toggle Menu - [Investor Login](https://seamless.formidium.com/#/login) [Investor Login](https://seamless.formidium.com/#/login) ![Untitled design (11)](https://topmarkcapital.com/hs-fs/hubfs/Untitled%20design%20(11).png?width=635&height=678&name=Untitled%20design%20(11).png) Established 2012 # Asymmetric By Design Our objective is outstanding, long-term cumulative returns to our Partners. [Next Section](https://topmarkcapital.com#main) if you are interested in ## LEARNING MORE...   Top Mark Capital Partners (TMCP) and Top Mark Health Partners (TMHP) are private investment funds offered pursuant to Regulation D under the Securities Act of 1933. Interests in these funds have **not** been registered with the SEC or any state securities authority, and are offered solely to **accredited investors** as defined in Rule 501(a) of Regulation D. Depending on your jurisdiction, you may also be required to meet additional standards. These funds are exempt from registration under applicable federal and state securities laws. Investments are speculative, involve risk of loss, are illiquid, and are not suitable for all investors. No regulatory agency has approved or endorsed these offerings. By requesting access, you confirm that you are an accredited investor (and, where applicable, a qualified client) and that you understand any investment is subject to the governing fund agreements and applicable securities laws. [Request Access](https://topmarkcapital.com/requestaccess?hsLang=en) ![hero image tmc website (3)](https://topmarkcapital.com/hs-fs/hubfs/hero%20image%20tmc%20website%20(3).png?width=1190&height=1271&name=hero%20image%20tmc%20website%20(3).png) ## Telltales Podcast *Telltales* is produced by the investment team at Top Mark Capital. Each week we present the *Cashflow Memo*—a structured review of company financials and industry dynamics. The discussion is designed to cut through market noise and highlight the metrics and themes most relevant to long-term investors.   👉 [Subscribe on Substack](http://telltales.substack.com) to access weekly episodes and written commentary. > If you're trying to do better than average, you're lucky if you have four things to buy. To ask for 20 is really asking for egg in your beer. Charlie Munger > If your behavior and that of your managers is conventional, you’re likely to get conventional results, either good or bad. Only if the behavior is unconventional is your performance likely to be unconventional ...and only if the judgments are superior is your performance likely to be above average. Howard Marks > When you change the way you look at things, the things you look at change. Max Planck > The concerns which fail are those which have scattered their capital, which means that they have scattered their brains also. They have investments in this, or that, or the other, here, there and everywhere. “Don’t put all your eggs in one basket” is all wrong. I tell you “put all your eggs in one basket, and then watch that basket.” Andrew Carnegie > To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street. Benjamin Graham > Simplify, and add lightness. Colin Chapman Top Mark Capital ## News & Events ![nvidias5risks carasouel](https://topmarkcapital.com/hs-fs/hubfs/nvidias5risks%20carasouel.png?width=567&height=1229&name=nvidias5risks%20carasouel.png) Memo ##### Nvidia's 5 Risks [Read it now](https://topmarkcapital.com/nvidias-5-risks?hsLang=en) ![24q2](https://topmarkcapital.com/hs-fs/hubfs/TMC%20Website%20Carousel.png?width=567&height=1229&name=TMC%20Website%20Carousel.png) 2024 Q2 ##### Quarterly Letter [Read it now](https://topmarkcapital.com/2024q2?hsLang=en) ![24q1](https://topmarkcapital.com/hs-fs/hubfs/2-2.png?width=567&height=1229&name=2-2.png) 2024 Q1 ##### Quarterly Letter [Read it now](https://hubs.ly/Q02zYjLM0) ![23q4](https://topmarkcapital.com/hs-fs/hubfs/2-2.png?width=567&height=1229&name=2-2.png) 2023 Q4 ##### Quarterly Letter [Read it now](https://hubs.ly/Q02q9zq30) ![CUDA](https://topmarkcapital.com/hs-fs/hubfs/CUDA.png?width=567&height=1229&name=CUDA.png) NVIDIA’s ### CORNERSTONE for UNMATCHED DOMINANCE in AI (CUDA) [READ IT NOW](https://app.hubspot.com/documents/5326702/view/659385102?accessId=db2afb) ![PODCAST](https://topmarkcapital.com/hs-fs/hubfs/PODCAST.png?width=1080&height=1920&name=PODCAST.png) Episode 2023.44 ### Telltales Podcast Analyzing the Memo: A Deep Dive into Pages 13-18 Energy / Financials / US Manufacturing / Healthcare / Franchises / Logistics / Commodities [Subscribe Here](https://telltales.substack.com/p/analyzing-the-memo-a-deep-dive-into#details) ![23q3](https://topmarkcapital.com/hs-fs/hubfs/2-2.png?width=567&height=1229&name=2-2.png) 2023 Q3 ##### Quarterly Letter [Read it now](https://hubs.ly/Q0286r-D0) ![1685546627182](https://topmarkcapital.com/hs-fs/hubfs/1685546627182.png?width=752&height=420&name=1685546627182.png) A Brief History of ### Yield Curve Inversions [READ IT NOW](https://hubs.ly/Q01W1vxl0) ![web3](https://topmarkcapital.com/hs-fs/hubfs/web3.png?width=211&height=422&name=web3.png) Forget Blockchain ### Generative AI is the real Web3 [Read It Now](https://hubs.ly/Q01W1DzH0) ![Telltales E23.29](https://topmarkcapital.com/hs-fs/hubfs/Basic%20(6)-1.png?width=1500&height=3000&name=Basic%20(6)-1.png) Episode 2023.29 ### Telltales Breaking Down AI Innovations, Energy Trends, and Healthcare Insights Plus, a detailed breakdown of the cashflow impact to $MSFT's new $30 / month AI Copilot for Office 365 [Listen Now](https://telltales.substack.com/p/202329-cashflow-impact-of-microsofts#details) ![23q2](https://topmarkcapital.com/hs-fs/hubfs/2-2.png?width=567&height=1229&name=2-2.png) 2023 Q2 ##### Quarterly Letter [Read it now](https://hubs.ly/Q0286rk-0) ![23q1](https://topmarkcapital.com/hs-fs/hubfs/2-2.png?width=567&height=1229&name=2-2.png) 2023 Q1 ##### Quarterly Letter [Read it now](https://hubs.ly/Q01W1wyk0) ![22q4](https://topmarkcapital.com/hs-fs/hubfs/2-2.png?width=567&height=1229&name=2-2.png) 2022 ##### Annual Letter [Read it now](https://topmarkcapital.com/2022annual?hsLang=en) ![22q3](https://topmarkcapital.com/hs-fs/hubfs/2-2.png?width=567&height=1229&name=2-2.png) 2022 Q3 ##### Quarterly Letter [READ IT NOW](https://hubs.ly/Q01W1wFR0) --- © Top Mark Capital Management. 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