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.

We do not know how long this current crisis will last and our prayers are with all who are suffering. From an investment point of view, however, we continue to suggest what we have written before.

An idea that may put both the industry and investors in a better position to form stronger, more lasting partnerships.