Introduction Letter


Dear Friends and Prospects:

We want to thank you for your interest in our company. 

At the outset we should note that our approach is not for everyone, and we accept this as a limitation on our future growth prospects.  While we are flexible in a number of ways, were we to alter our style to meet everyone’s desires, it is unlikely that we would have been able to produce the investment performance results you will find enclosed.  We are income and value oriented investors.  Those looking for investment excitement would probably do better to look elsewhere. 

While we believe we can identify value, the timing of the recognition of value by others is uncertain and always subject to the whims of the marketplace.  We don’t seek excitement but we do look for investments likely to produce reliable and positive long-term returns.  We consider patience and conviction the keys to this process.  We are realists and investors, not dreamers or speculators. 

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