Transparency

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.

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

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

Reviewing what the data says and letting the chips fall where they may.

Let’s just admit it.  Even though we throw around Greek like we grew up in Athens, many in the business don’t always fully track what is being discussed.