The Annual
Leadership reflections on the year behind and the one ahead.
A year-end letter by Temi Marcella.
The Annual is Temi Marcella’s year-end reflection on the ideas, decisions and forces that shaped the year, and on the one ahead. Drawing on nearly two decades of experience investing in, building and governing businesses across international markets, it offers a personal perspective on capital, leadership, opportunity and the future.
Latest edition
2026
Published January 2026.
Leadership reflections on the year behind and the one ahead.
Read the 2026 editionAll editions
Earlier editions appear under the names they were first published with.
About The Annual
A considered view, once a year, of the ideas, decisions and structural forces shaping capital, leadership and institutions.
The Annual is a letter rather than a newsletter. It is written once a year, sent directly to readers who ask for it, and kept here in a single archive.
The Annual
The year behind, and the one ahead.
Receive Temi Marcella’s year-end letter on leadership, capital and the year ahead.