Download our January 2010 letter
Our quarterly investor letter is posted to this web page on or about the 15th of the month following the end of each calendar quarter. Subscribers will receive notification of each letter posted, beginning with the next issue, and will occasionally receive information via email that may be of interest to individual investors. You may unsubscribe at any time by sending us your request by email.
"As in poker, if you are in a game and you don't know who the patsy is, you are the patsy." - Benjamin Graham
We focus our needs on things we can control - diversification, costs, tax-efficiency, & risk management.
A running commentary on matters of interest to individual investors.