High Line Advisors

The supervisory letter nobody circulated

Jeff Penney·July 2026 ·3 min
Risk

A letter arrived at an institution we work with in March. It went to three people. The paragraph that mattered was the second one, and it was not the paragraph anyone repeated in the meeting.

The habit worth building is dull: circulate the letter, not the summary of the letter.

Notes are not revised after publication. Where one is overtaken by events, a later note says so rather than the earlier one changing.

More notes
Back to Insights