First Quarter 2016 Investors Letter
“The individual investor should act consistently as an investor and not as a speculator.”
Ben Graham
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Quarterly Letter
Fourth Quarter 2015 Investors Letter
“Successful Investing is anticipating the anticipations of others.”
John Maynard Keynes
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Third Quarter 2015 Investors Letter
“As far as the laws of mathematics refer to reality, they are not certain; and as far as they are certain, they do not refer to reality.”
Albert Einstein
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Second Quarter 2015 Investors Letter
“You never want a serious crisis to go to waste.”
Emanuel Rahm
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