Conversations with Margo

Dear Clients,

We understand effective communication is essential for our clients to have a successful 
experience working with us. Our objective is to be fully transparent about the way we 
manage your (and our) assets and the thought process that goes into constructing our 
portfolios. These quarterly investor letters are our way to inform clients about our 
investment philosophy, portfolio construction process, risk management, portfolio 
returns and market outlook. These letters are in addition to the quarterly newsletters 
where we provide you with other pertinent, but primarily non-investment related, 

This quarter we thought it would be helpful to share some of our email exchanges with 
clients about recent volatility in interest rates and the affect on performance. Clients 
often contact us with questions and concerns that many of you likely share. We use 
these conversations as ideas for what to include in our quarterly letter, so we encourage 
our clients to contact us with any questions or concerns they might have. 
Because I so much enjoyed the recent conversation with one of our clients, this letter 
and possibly a new blog-like section on our website are being named after her—thank 
you Margo! 

All the best,