Dear Investors,
I have the privilege to write you this annual letter for the year 2018.
First, I wish to welcome our new customers who have joined us in the past year as partners in our financial pathway. It is a great honor and privilege for me to manage your capital.
In 1969, Warren Buffett recommended that the partners of his dissolving hedge fund transfer their investment to a new partnership managed by a relatively unknown money manager, Bill Ruane. Many investors adhered to Buffett’s advice and were very optimistic about this new partnership that