Transparency

When Sharpe Ratios presentations look too good, it pays to ask sharp questions.

Is the management of taxable assets without considering taxes a scandal?

Does our industry use too much Greek?

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

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.