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2020 First Quarter Letter

April 21, 2020

First Quarter Letter 2020

To begin with, we sincerely hope that you and your families are all healthy and able to cope under the exceptional circumstances that we are living today. Your investment team is well and has been operating without disruption from home and from our offices as we are considered an essential service. We also apologize in advance for the exceptional length of this letter; however, we are living in exceptional times…