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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.
2022
Tarpon Folio Q3 2022
IIM International Portfolios: YTD thru Q3 2022
IIM International Portfolios: First Half 2022
Tarpon Folio 1H 2022
IIM International Portfolios: Q1 2022
2021
IIM International Portfolios: 2021 Letter
Tarpon Folio Q4 2021 (Private)
Tarpon Folio Q3 2021
IIM International Portfolios: First Half of 2021
IIM International Portfolios: Q1 2021
Tarpon Folio Q1 2021
2020
Tarpon Folio 2H:20 Results Presented at Annual Meeting…
Video Part One, Video Part Two
IIM International Portfolios: Investor Letter for 2020
2019
Q2-Q4 2019 (Private)
2018
Q3-Q4 2018 (Private)
2017
Annual Meeting
Q3 2017 (Private)
Q2 2017 (Private)
March 2017
2016
Presented Q2 and full year results at 2016 Annual Meeting
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
Q1 2015 (Private)
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