To Our Investors,
We've got a new look in this email. I'm considering publishing a quick update like this once a quarter, but would like your thoughts first. Please see the first bullet in the list below to weigh in.
Since my last letter to investors, our portfolio companies have continued to perform well, though the stock prices of most have remained in a narrow range. Tarpon Folio holding Alcon announced it will be acquired by Novartis
, a somewhat inevitable event I first mentioned last July
. I suspect the price we will ultimately receive for our Alcon shares will increase a bit further still.
Despite the broader market's current valuation, there continues to be a considerable amount of value in both the Tarpon and Gecko Folios. See my annual meeting speech below for more.
As usual, please contact me anytime
with questions. Thank you.- Cale Smith