Client letters are semiannual productions shared directly with clients of L.R.L. Capital and composed by our portfolio manager. The letters offer a deeper, more intimate insight from the portfolio manager regarding current performance than the mere presentation of performance charts. The letters represent backward-looking, genuine, honest—sometimes brutally so—assessments of past results. What they are NOT are guides to future performance. While we believe in the upward-sloping secular market trend, we are not in the business of prognostication or predicting near-term events.