We Are All in This Together

Our obligation to you is clear. We are dedicated to offer transparency in all we do. To that end, we have disclosed our preferences to own individual securities and other low cost and tax efficient investments for long periods...

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Addendum

Excerpts from late 1990s letter that accompany, We are all in this Together. I have changed convention in order to make it readily apparent excerpts from prior letters compared to current writings. The excerpts will be in italics in a slight smaller font. New sentences will be in normal font...

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