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Subject:  Re: Q1 2015 letter Date:  5/1/2015  11:41 AM
Author:  bankersfate Number:  737 of 3782

it. Thanks for posting your letters.

2 suggestions for now and I will try to look at it further later.

1) I would create a standard boiler plate for your return table. I suspect that you will beat the market over the longer time periods (7+years) and will have shorter periods of time (1-7 years) where you will underperform the market. I like that you give full disclosure and appreciate the honestly but I would also do it in a way that make your long term results stand out.

Maybe start with since inception and then work backwards
7 years
6 years
5 years
4 years
3 years
2 years
1 year

2) If you are going to mention generals and special situations each quarter you might want to build a boiler plate that gives a little more detail to what a general is. You state, The ‘Generals’ are undervalued equity investments. And special situations "are short term investments with a specific event that can unlock value)" sepcial situations seem like a subset of generals. I think it is fine and I think I know what you mean from reading all of your reports but it might be more clear for new clients. Maybe even have a link to the definition of each so you don't have to spill too much ink every quarter.

Don't mean to be nit picky. I like your style, overall, for sure.

Good luck and more when I get a moment.
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