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Subject:  Re: Q1 2015 letter Date:  4/24/2015  8:52 AM
Author:  GrowthnValue Number:  693 of 3782

I thought you might like some feedback on the letter. I don't have a lot of time, but will give some quick thought. The main comments I have are that I think I would try to put a more optimistic spin on everything and write more in the passive voice when discussing positions that didn't work out.

For example, with Blucora, I would be inclined so say something like: (1) We saw such and such value; (2) Management made a poor decision on something and has failed to realize this value; (3) We no longer have faith in management to realize the value and so are moving on to more productive uses of our cash.

If you are going to discuss underperformance, I would also try to say some positive things. For example, you are holding a lot of cash - maybe you believe you are taking less risk than the market; you are well positioned to take advantage of opportunities as they arise; you expect to outperform over the cycle; etc.

I don't manage money and have never written an investment letter, so you can take what I say with a huge grain of salt. However, I work for a relatively large and successful company and like to watch how the most successful marketers and executives make presentations. They are as a rule overwhelmingly positive. Markets presented challenges. They made great decisions. Anyway, just some thoughts.
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