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Thank you very much for your $0.02. As you know, I have and continue to appreciate your views for many many years!

I hope I don't come accross as being too defensive on my response.

I watched the video you supplied. He actually is quite wrong on his alleged fact that there are more people alive than the total of people who died. He insists it is true, but it isn't. Nevertheless, he and you certainly supplied food for thought.

Our annual presentation is quite boiler plate. I produce it primarily to give our clients and potential clients a look at our performance, holdings, history and a touch of our process and what we do. I find the presentation as one tool for someone to do some DD on our firm. I also think it could be useful to other investors, and yes, quite boring, but so are 13-F's, and I do scour many. Yet, I appreciate your honest views!

I concur that a discussion on a topic is an excellent idea. I think of Howard Marks when you wrote that. I always want to write something during the year, but rarely ever do. With that mentioned, I do supply a typically lengthy and somewhat informative handout that we use at our annual conference. Here is a link to our most recent conference.

Yet, thanks, very much appreciated!


Thank you as well for your response. You wrote, "How much allocation you have in "energy" sector? Is it a conscious choice to overweight the sector, it seems overweight to me at first glance. Outside of Intel, I see you have no technology.

On page 25 of the handout I linked above, we mention that as of September 30, 2019, we had 32% in Power and Energy, and 7% in Technology. We supply our entire list of year end holdings in the presentation, and if one desired, they could add up the sector allocations.

I am not purposely overweighting the energy sector, and underweighting the technology sector. I buy whatever I think I see future value in. I am real bottoms up, and of course much of our energy holdings was in Gazprom at December 31, 2019. I discuss the reasons for several of our holdings in the link above, as well as on our website, with various notes on companies we own or owned. I don't update all the time, as I just want to supply some information for investors, clients, potential clients, and anyone who might be interested. The companies we follow are in the middle of this page:
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