Dear friends,
We earned a return of 4.3% net of fees in December, which brought our full-year net return to 24.8%.

Stock Market Up Mostly Due to Higher P/E Ratios, Not Earnings Growth
It is worth noting that we earned our 2019 return in a very different way than the broader stock market did. In general, technology companies, growth stocks and large caps had the highest returns in the market in 2019. Most interestingly, the market's return was primarily driven by an increase in the multiple of earnings . . .

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