First Quarter 2017 Investors Letter
“I guess I should warn you, if I turn out to be particularly clear, you have probably misunderstood what I have said.”
Alan Greenspan
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Quarterly Letter
Fourth Quarter 2016 Investors Letter
“There is no such thing as a free lunch.”
Milton Friedman
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Third Quarter 2016 Investors Letter
“A human being is not attaining his full heights until he is educated.”
Horace Mann
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Second Quarter 2016 Investors Letter
“What doesn’t kill you, makes you stronger.”
Friedrich Nietzsche
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