Dear friends,
The fund generated a -8.5% return in February. Most of our investments performed better than the sharply declining stock market, especially our special situation and arbitrage investments.

However, our return was adversely impacted by three of our large investments, whose market prices declined very heavily, even though these businesses should only experience a limited and temporary impact from the coronavirus. These companies are well-capitalized, very profitable, and have significantly variable cost structures that should enable them to weather any slowdown in their revenues.

I bought additional shares in two of these companies after their stock prices . . .

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