Letters to Investors

Please see our Performance page for more on the performance of our portfolios.
All dividends, distributions and capital gains are reinvested. The performance of our portfolios to date may be highly unusual, and there are no guarantees of future performance. Because the portfolios contain a limited number of stocks and bonds, their returns will be more volatile than a portfolio investing in a higher number of securities. The benchmark index for both domestic portfolios is the S&P 500 Index with dividends included. International portfolios are indexed to other benchmarks as described in each letter. The performance of these Indices does not reflect fees, and weighting and/or selection of the securities in the Index differs significantly from our portfolios. Nothing discussed anywhere on this website should be viewed as individual investment advice.

2017

March 2017

2016

Q4 2016
Q3 2016

Presented Q2 and full year results at 2016 Annual Meeting

Q1 2016

2015

November ’15 – Part Four
November ’15 – Part Three
November ’15 – Part Two
November ’15 – Part One

Presented MRQ and full year results at 2015 Annual Meeting

Q2 2015

2014

Q4 2014
Q3 2014
Q2 2014
First Treasure Harbor Folio Letter
Q1 2014

2013

Q4 2013
First Frigate Folio letter
Q3 2013
Q2 2013
Q1 2013

2012

Q3 2012
Q2 2012
Q1 2012
Year in Review

2011

December ’11
October ’11
September ’11
August ’11
Special Edition Vol. 2
Mid-year Conference Call Transcript
Special Edition
May ’11
April ’11
March ’11
January ’11

2010

November ’10
October ’10
September ’10
June ’10
April ’10
February ’10

2009

December ’09
November ’09
September ’09
August ’09
July ’09
May ’09
April ’09
March ’09
February ’09
January ’09

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