ZM - Silver Ring Value Partners Q2 2021 Letter

• Silver Ring Value Partners Limited Partnership provides investment advisory services. The Company offers portfolio management, financial planning, and trading services. Silver Ring Value Partners serves investors in the State of Massachusetts.
• At the end of Q2 2021 the portfolio was attractively priced, with the Price to Base Case value ratio at 60%. The portfolio had 11 investments, cash at 0% and option-adjusted net exposure at 71% at the end of the quarter.
• I do not seek to time the market, and I continue to rigorously stick to my criteria for quality and discount to intrinsic value.
• The ratio of Price to my estimate of Normalized EPS was 6.5x for a collection ofbusinesses that I expect to grow profits at low-single digit rates on average over the long-term.

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