Insanity in individuals is something rare - but in groups, parties, nations, and epochs, it is the rule. -- Friedrich Nietzsche

Dear Partner:

Arquitos Capital Partners returned 15.4% in the third quarter of 2017, bringing the year-to-date return to 43.1%. Our annualized net return since the April 10, 2012, launch is 32.4%. Please see page four for more detailed performance information.

We welcomed approximately 30 investors to our annual meeting in New York on September 12. It was great to see long-time friends there as well as several new faces. Particular thanks to all . . .

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