Riverwater Partners Small Cap Q4 2025 Letter

syahrir maulana/iStock via Getty Images The Four-Year Harvest Avocado trees take three to four years to bear first fruit and four to five years to reach full production. You can’t rush biology. A farmer who plants an orchard today is making a bet on conditions years into the future—conditions that are impossible to predict with certainty. The work happens anyway, because the alternative is having nothing ready when it’s time to harvest. Or… having no guacamole. 2025 tested the patience of quality-focuse ...