Annual Report Letters

  • Modesty, By Steve Sherwood

    Most of the markets where CWS operates are still enjoying a long summer. The question for us is, “What are we doing at CWS to prepare for a potentially... Read More

  • Independence, By Gary Carmell, CFA

    Myths and allegories are not just tales for children. On the contrary, they represent some of the most powerful stories that appear through all ages and... Read More

  • Realistic, By Mike Engels

    Charlie Munger has said that one of the great risks to sound judgment and decision-making is what he calls “The man with a hammer syndrome.” This is a... Read More

  • Prepared, By Bill Williams

    In our CWS history there was a time when we had to make a decision on growing our portfolio of properties rapidly (be a Hare in the race to grow) with... Read More