Shareholder Letter

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Paying Less for More

In the course of a few months, investors have gone from panic-based selling, to aggressively bidding up low-quality companies.

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A (Re)learning Opportunity

The hard work of recovery will lead to some valuable questions about what went wrong.


Quality Time

The recent runup in valuations has reduced the margin for error in today’s markets.


A Rare Opportunity?

This is only the third time in the past 35 years that the gap in valuations between large and small stocks has reached a level this extreme.

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The statements and opinions expressed in the articles or appearances are those of the presenter. Any discussion of investments and investment strategies represents the presenters' views as of the date created and are subject to change without notice. The opinions expressed are for general information only and are not intended to provide specific advice or recommendations for any individual. Any forecasts may not prove to be true.

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