Here is Dane Capital's third-quarter letter to investors. This letter (published on 31 December) details Dane's Q3 performance and since the end of September, returns have only improved. According to sources, Dane finished the year up over 40% net of fees and expenses.

The Winner's Curse: Paradoxes and Anomalies of Economic Life – 2001, Richard Thaler, 2017 winner of the Nobel Prize in Economics

Dear Partner:

We apologize for the lateness of our quarterly letter. We recognize that with the trading year now over, this could be a 4Q letter, but this covers 3Q, and a portion of 4Q. We expect to be timely with our 4Q letter, and have it out in the next several weeks.

Often a delay reflects holding off on the delivery of bad news. We’re pleased to report that nothing could be further from the case. In fact, given our solid results in 3Q and year-to-date, we wanted to be early and brief with our report. However, when the 2017 Nobel Prize in Economics was awarded to Professor Richard Thaler of the University of Chicago (at the time I attended Chicago it was called the GSB, it’s now the Booth School), we thought it worthwhile to discuss his impact on our thinking at Dane Capital – which delayed this letter significantly. I was in a small seminar class during Professor Thaler’s first semester at Chicago – more on Thaler and behavioral economics to come.

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