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SW,

I heartily agree with your approach. Over the last 4 years, the majority of my portfolio has been concentrated in small illiquid companies (mainly in the Canadian market), because that's where I have been able to find the most value. It is getting harder to find value, on the heels of the large rise in small/microcaps generally over the last 3 years, but it is still microcaps that I am finding the most value. Do you have any more information on Joseph R. Nerges?

Thanks,

Chip
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