Dear partners, Thank you for your continued trust and support. I’m not happy with the fund’s performance over the first three quarters. Like we discussed last quarter, I’ve made too many mistakes. However, this quarter was truly a turning point in our investment process and I’ve never felt more excited for the future. I hesitate to dwell on short-term performance because we are truly focused on the long-term but I want you to know that it seriously weighs on me and I’m doing everything in my power to grow your investment.