Pawel Kacperek/iStock via Getty Images To our clients & friends: For the third quarter of the year ended September 30, 2025, the Giverny Capital Asset Management ("GCAM") model portfolio performed as follows: GCAM Performance Quarter ended Year-to- date ended One-year ended Three-years ended Five-years ended *Annualized Since Inception 9/30/2025 9/30/2025 9/30/2025 9/30/2025 9/30/2025 9/30/2025 Portfolio Return-Net 6.79% 12.57% 13.44% 24.05% 15.26% 18.89% S&P 500 TR 8.12% 14.83% 17.60% 24.94% ...