"Time is your friend; impulse is your enemy." – Jack Bogle

The current price per unit is $22.30 and although this is well above our initial offering of $12.52, we have experienced some volatility in the portfolio since our last quarterly letter due to declines in certain peripheral positions. We believe these declines will continue in the short to medium term as these peripherals are going through important periods of business transition.

During these periods it is crucial to remember the wisdom of Howard Marks: “Superior investors know -and buy- when the price of something is lower than it . . .

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