Excerpt from the Stanphyl Capital letter to investors for the month of March 2018 (up 11% in the month)  discussing their long positions in two micro-cap plays. Stanphyl was profiled in the second edition of HVS and has had some of the best picks among all the funds we have profiled with 200%+ returns on some pitches.

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I added in March to our position in  REDACTED, a . . .

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