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The following segment was excerpted from thisfund letter.
Controversy and confusion is our primary source of opportunity as a fund, and Teekay Offshore (TOO) is not short of this. We remain confident in our position which is rooted in quantifiable company value that is now more disconnected with the stock price than any time.
Seth and I met have met with management twice this year and presented strategies for improved investor communication. In both meetings, we returned with a high degree of confidence in the TOO team and a better understanding of the