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Third Quarter 2020 Letter to Investors

Updated: Nov 13, 2020

As this very unusual year progresses, things have become even more interesting and perplexing. The Fed has poured money into the economy, yet we don’t have massive inflation. The stock market is up, yet most stocks are lagging a few big technology behemoths fueled by speculative money. In short, it is a minefield the likes of which we haven’t seen before. With an election around the corner, things may get even more interesting.

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