Should investors discount the possibility of an illiquidity premium – potentially significantly?

The track records of many successful professionals can be attributed to keeping it simple and avoiding unforced errors

Every year over the past 10 years we have written a similar letter.

Bigger is not better in the money management business and the larger you are as an investor, the harder it is to allocate in a manner that keeps managers small.

The evidence may surprise you.

It is not easy and requires a lot of active discipline and fortitude.