New York, USA – 24 January, 2023 – SEO Marketing Nerds is ready to lend you a helping hand in all things related to digital marketing.
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Playing baccarat has become a lot easier for many people since there are now many 바카라사이트 (baccarat site) options that offer people the scope to play this game right from the comfort of their own homes. However, this has also made it necessary for people to have access to important information regarding the baccarat sites. Woori Agent makes it possible for people to have an inside look on the websites to make sure that they only sign up with the best online baccarat portal for their baccarat gaming needs. The online site of wooriagent.com baac can simplify the search for the best baccarat casino portals so that people can enjoy this game without compromising the safety of their personal information.
Anyone looking to play the baccarat games must first sign up with the 온라인바카라 (online baccarat) site by providing their personal details and banking information. For this reason, it is of paramount importance that a person verifies the reliability of the baccarat site. Unless this is done, the personal and banking information shared on the website can fall into the wrong hands. It is a common practice among criminals to use such information for their nefarious purposes. This is why it is vital to make sure that the baccarat site is completely reliable before one can sign up with it. Woori Agent can perform a complete evaluation of the site to make sure that it suitable for people to share their personal information with it.
The best thing about wooriagent . com bac is that the site performs a detailed evaluation about the technical aspects of the baccarat sites so as to see if it is secure or not. In this way, Woori Agent can offer optimum 바카라사이트추천 (Baccarat site recommendation) so that people can play online baccarat easily.
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Woori Agent is one of the leading sources of vital information on baccarat gaming sites in Korea. The online portal makes it easier for people in Korea to learn about the most reliable baccarat sites where they can go and sign up.
23 January 2022 – Phoenix, USA – PrimeGENIX is offering one of the best ways to help you grow your muscles with the help of all-natural supplements.
When it comes to making the most from your needs in terms of muscle growth, there really is no better way than to combine quality training in the gym with the right diet. However, if you wish to accelerate the coming of the desired results a bit, you will also need the best supplements that will not let you down and will help you add value to that muscle growth in all the right ways. Testodren by PrimeGENIX is designed to deliver exactly that!
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MIAMI, FL, January 23, 2023 – (SEAPRWire) – – XLANTIS, a leading web3 venture on the forefront of the gaming, sports, and live entertainment industry, is proud to announce its founding companies are now committed to bringing the XLANTIS vision to a global market. Envisaged as an open-world, multi-platform, single and multiplayer ecosystem that offers the highest quality experiential world possible, XLANTIS is deeply dedicated to bringing the concepts of digital ownership and community engagement to users around the world. The founding companies, all industry leaders in their respective fields, are now taking the next step in furthering XLANTIS’ global reach by focusing on monetization and decentralizing power back to the community.
#XMANNA is a multi-patented blockchain software provider that is focused on building the future of community engagement through its cutting-edge gaming service protocol. XMANNA is playing an increasingly central role in the Web3 space by creating true utility for NFTs and designing the next era of interaction, gamification, and entertainment in the sports space. Its innovative NFT solutions will also help drive the monetization of the XLANTIS ecosystem.
#xCITEGroup is a Web3 thought-leader that provides high quality, customer-centric products to consumers globally, while supporting companies in capitalizing on blockchain and metaverse opportunities. xCITE Group has previously worked to support the Web3 initiatives of prominent artists and musicians, as well as leading sports clubs and entertainment providers around the world. xCITE Group is tasked with crafting and implementing unique technical solutions for XLANTIS users, based around original tokenization models, blockchain smart contracts, and metaverse integration.
#Backstage is an NFT-based ticketing platform and metaverse that is powering the global events industry’s progress into the decentralized space. Backstage has partnered with hundreds of night clubs, concert venues, festivals, and sports teams around the world – leveraging blockchain, NFT, and metaverse technology to bring universal access to event venues. Backstage will facilitate XLANTIS’ own push into the global live entertainment industry, while also helping entertainment providers to grow their reach with a presence in the XLANTIS ecosystem.
#ORSEN is a full-service, brand-focused international sports marketing agency that delivers multi-market, authentic partnerships between clubs and their fans. Orsen deploys world-leading technology, such as big data analytics, to identify the platforms and solutions that best drive community engagement. Orsen will help ensure that sports clubs and fans across the sporting world can leverage the XLANTIS ecosystem to boost engagement, increase interaction, and create lifelong shared experiences.
#HaZimation is a London based production company that develops and produces original IP in feature films, series, and video games as well as metaverse content. Utilizing their pipeline powered by Unreal Engine 5, the world’s most powerful real-time 3D creation tool, HaZimation’s in-house team of creatives, storytellers, and game developers consistently collaborate to develop unique content for XLANTIS audience, ranging from the huge open world building, to the gameplay experience, right through to the cinematic storytelling elements. HaZimation is leading the gamification and creative direction of XLANTIS, as this platform strives to become the metaverse’s premier entertainment provider.
#Nu3raStudios is a research and development studio that specializes in creating immersive, interactive virtual experiences and content merging the physical and digital worlds. Nu 3ra works with the sports and entertainment industries to create cutting-edge technologies that push the boundaries of what is possible, focusing on combining the metaverse and blockchain with high-end entertainment to create groundbreaking solutions for the next generation of entertainment. Nu 3ra strives to be at the forefront of this rapidly evolving field and is committed to delivering the highest quality products to our clients. With a strong focus on artificial intelligence-based workflows, the team is able to assess projects quickly and utilize their expertise to bring novel technologies to life. This diverse group of professionals allows Nu 3ra to be at the forefront of the industry and constantly push the boundaries of what the world of immersive, interactive virtual experiences can provide.
#BluCanaryCapital is an advisory company that uses new financial technologies to put capital to work. Blu Canary raises money for businesses with large audiences and “tribal” power by crowdfunding with a Security Token Offering (STO) registered with the SEC and subject to FINRA regulations. Its first target market is Augmented Reality (AR) applications, metaverse content, and gaming, as the company seeks to build a new financial ecosystem that combines the protections of SEC regulation with the efficiency, security, and liquidity of digital assets.
#xMetAds is the exclusive full-service advertising company of XLANTIS. xMetAds is anticipating the next generation of advertising, an industry which will cut across different sectors and verticals. xMetAds is creating a fully immersive marketing experience, allowing for engagement that is limited only by your imagination.
The XLANTIS founding team commented: “We are delighted to announce our partnerships with these leading projects in the Web3, blockchain, and metaverse spaces. Each brings unique qualities, industry experience, technologies, and client bases that will be invaluable as XLANTIS expands its global reach. We are confident that these collaborations will ensure we are successful in providing an AAA premium quality web3 experience whilst driving monetization of our metaverse, decentralizing power to our community, and achieving our mission of being the leading metaverse venue for gaming, sports, and live entertainment.”
About XLANTIS
XLANTIS is an open world, multi-platform, single player and multiplayer ecosystem of games, sports entertainment, live and virtual concerts with digital ownership, real estate, and experiences, that has been built by founding companies with a focus on monetizing engagement and giving back to the community of users. Register for your opportunity to join the beta launch here
The article is provided by a third-party content provider. SEAPRWire ( https://www.seaprwire.com/ ) makes no warranties or representations in connection therewith. Any questions, please contact cs/at/SEAPRWire.com
Moncton, New Brunswick , Canada — Let’s Nurture, a leading provider of mobile app development and emerging technology services in Canada, is proud to announce the launch of its new emerging tech product division. This new division will focus on developing and expanding the use of emerging technologies such as Augmented Reality (AR) and Virtual Reality (VR), and the Internet of Things (IoT) in North and South America.
The division will be led by a team of experienced professionals with a deep understanding of AR/VR and IoT technologies and their potential applications in various industries. The division will have flagship products in AR/VR for furniture and retail domains, and IoT solutions in healthcare and agriculture. The division will aim to concentrate on these areas to provide innovative solutions that can help businesses in these industries to improve their operations and stay competitive.
“We are excited to launch our new emerging tech product division and bring our expertise in AR/VR and IoT technologies to a wider audience in North and South America,” said CEO Ketan Raval. “Our team has a wealth of experience in these cutting-edge technologies and we are confident that we can provide our clients with the best possible solutions to meet their needs.”
Let’s Nurture has a proven track record of delivering innovative solutions in AR/VR and IoT. The company has already developed several flagship products in AR/VR for furniture and retail domains, and IoT solutions in healthcare and agriculture. With the launch of this new division, Let’s Nurture aims to take its expertise in these areas to the next level and help more businesses to benefit from these technologies.
In addition to its technology development services, the division is also committed to providing excellent customer service and support. The division’s team is dedicated to working closely with clients to understand their needs and provide them with the best possible solutions.
“At Let’s Nurture, we believe that technology development should be a collaborative process,” said Raval. “We work closely with our clients to understand their needs and develop solutions that can help them to achieve success.”
The name of the division will be announced later, but the company looks forward to working with new clients in North and South America and helping them to achieve success through the power of emerging technologies. Let’s Nurture is well-positioned to continue its rapid growth and expansion in the emerging technology industry, and this new division will be a key driver of that growth.
Moncton, Canada — Moncton, NB – NB Cares, a local not-for-profit organization, recently hosted a professional headshot photoshoot workshop for newcomers in Moncton. Over 80 immigrant individuals participated in the event, which provided them with high-quality headshot photographs that will help them in building their resumes, professional profiles, and LinkedIn profiles.
The workshop was organized by volunteers from Moncton Cares and led by professional photographer Ala Fayad. Fayad, himself a newcomer and freelance photographer, was instrumental in providing valuable advice to the participants on how to present themselves in the photographs for their professional needs. The event was a huge success, with participants expressing their appreciation for the opportunity to improve their professional image and gain valuable networking connections.
“We are thrilled to have been able to provide this service to newcomers in our community,” said a representative from Moncton Cares. “Access to professional headshots is an important aspect of career development, and we are proud to have been able to assist in this way. We hope that the photographs will help them to stand out in the job market and ultimately land them their dream jobs.”
Moncton Cares is also proud to announce that they have recently launched a mobile application that newcomers can download and access information and resources related to the settlement process and life in Moncton. The application is available for free download on both Android and iOS platforms.
Moncton Cares is committed to supporting the integration of newcomers in the Moncton community by providing services and resources that promote social and economic inclusion. The organization will continue to work towards its mission of making Moncton a welcoming and inclusive place for all.
For more information about Moncton Cares and its programs, please visit their website or download the mobile application.
Contact Media:
Company Name: Moncton Cares – Newcomers Integration Agency in New Brunswick
Online adult products store Happy Bam has the sexiest condoms on offer for buyers across the globe, and it busts the biggest myths associated to the use of these contraceptive tools.
Chuncheon, Gangwon (January 21, 2022) –When it comes to preventing sexually transmitted infections (STIs), condoms are one of the most important tools that one can have. Most condom myths are just that – myths – and are not based on real science. In fact, using condoms is one of the most effective ways to prevent STIs.
At the Happy Bam online adult products store, it is possible to get the best condoms that make sex safer, easier and much more pleasurable. In a recent post on its blog, several condom myths have been busted:
For example, it is often said that condoms do not work. This is a myth. Condoms provide excellent protection against STIs. In fact, using a 콘돔 (condom) every time one has sex can help protect him from getting HIV, HPV, syphilis, gonorrhea, and Chlamydia or making his partner pregnant undesirably.
One can hear that condoms from the same brand must be used perfectly each time or these do not provide adequate protection. This is also a myth. There are many different types and brands of condoms, so there is no need to use from the same brand each time. However, using a condom that is torn or which slips off can actually increase the risk for getting pregnant or an STI.
Some can be heard to say that condom use do not make users attractive to sexual partners. This is not true either. The use of proper sexual hygiene (including condom use) will make the right people more likely to trust their partners in sex. There can be better sex, and it can ultimately decrease the chances of getting an STI overall.
Then there is another myth that praying before sex will reduce the risk of getting pregnant or having an STI. This is not true either; condom use protects against both mental and physical diseases just as well whether or not one prays before sex.
Happy Bam has all kinds of condoms on offer, including regular condom, erection condom, special condom, ejaculation delay condom and ultra thin condom. When it comes to콘돔추천(condom recommendation), this is just the online store that one can buy from. It is one of the most referred stores out there, when it comes to condoms. Its condoms are high quality, made of safe and non-allergenic products and perfect for use. Buyers can get these at affordable costs, which make sex so much more satisfying.
There are no problems of arousal when it comes to using the condoms from this store. Unwanted pregnancies and STDs can be a thing of the past, and there is no need to avoid sexual contact with other people when one uses the condoms purchased from this store.
About Happy Bam
Happy Bam is a one-stop resource for the best kinds of adult products, including anal plugs, dildos, vibrators and many more. It has a global clientele and the quality as well as reasonable pricing and fast delivery of its products makes it a top콘돔쇼핑몰 (condom shopping mall) online to buy from.
London, UK – Creating a well-rounded end-of-year digital marketing report can help you determine which strategies to use and which to avoid in 2023.
It is important to outline your objectives and focus areas, which usually include things like understanding performance achievements and which channels work best for campaigns – thus helping you understand which strategies and campaigns performed well, and which didn’t.
Next, it’s essential to understand what to actually include in your digital marketing report. For example, overall website performance, a review of all your main channels and ensuring your budget is being used wisely.
With various reporting tools and platforms, it can be difficult to know which can make the process easier. For this reason, digital marketing experts at The Brains have put a resource together explaining the importance of creating a strategic digital marketing report.
“There are many benefits of creating an end of year digital marketing report, but in order to get the most out of your strategy, it’s vital to draw attention to specific performance wins, or achievements, while determining the best channels for your marketing strategy.
“The point is, you are collating valuable data such as KPIs, overall website performance, paid marketing statistics and more that will ultimately shape your business strategy and goals moving forward.”
About The Brains:
The Brains is a leading digital marketing agency in London, focused on strategies that offer unbeatable ROI and long-term business success. The Brains offers PPC, content marketing and SEO services, among others.
Multi-chain-based “Polygon Matic” block hash exchanges open in Feb.
The world’s first crypto currency exchange based on the hash of the blockchain block will be launched in Feb.
On 25th Jan. , The “BlockDx” Foundation announced that it will open “BlockDx”, the world’s first block hash material exchange that supports multi-chain, in February.
The investment object of the exchange is the hash of the block. The hash value of the block generated every 2 seconds is the investment target, and the hash value is created with a combination of English letters and numbers. First of all, manipulation is impossible. Investors can invest in “B mode” when expect last number of the hash value, in 0 to 4, and “L mode” when 5 to 9 are expected. Therefore, the probability of making a profit is exactly 50%. Considering that exchange success rates are usually below 30%, this 50% is evaluated as a very high rate of return.
Exchange fees have also been drastically reduced at 0.01%, and it is lower than 0.05% of “Upbit”, the largest exchange in Korea.
The “BlockDx” Foundation also said, “All investments on the exchange always converge with a 50% win rate, so investors can enjoy investing without burden.” . The exact investment targets are polygon coins, blocks of Matic, and hash values. Polygon is currently the lowest transaction cost of the various main nets, and supported by the most platforms as a sidechain for Ethereum. In addition, various applications are being actively built. It is evaluated as optimal for the exchange.
In addition, “BlockDx” is directly connected to the investor’s wallet. Linked to personal wallets such as “Token Pocket”, investor can invest with their coins on the exchange, and receive profits directly into their wallet whenever profits occur. Decentralized exchanges (DEX) that trade directly with their wallets are becoming more active as the credit of global exchanges plummeted due to the bankruptcy of FTX, the world’s third largest virtual asset exchange at the end of last year. DEX allows the investors to directly trade coins in their own wallet regardless of the exchange.
“Blockdex” has built a system where the customer’s return on investment is immediately and quickly returned to their wallet. This eliminates customer anxiety. Since the Tera-Luna incident, exchanges where investment profits are not immediately deposited have appeared one after another, leading to market instability such as “Bank Run”. Because the personal wallet is directly connected, there is no unnecessary procedure such as the usual KYC of exchanges, and there is no need to expose personal information.
The exchange also supports multi-chain. When the exchange opens in February, the service will start with the polygon chain, and in the first half of 2023, multi-chains such as “Ethereum”, “Binance”, and “Tron” will be serviced one after another. “Blockdex” is also considered to be technically complete. Built as a Web 3.0 decentralized application (Dapp), it received high scores in safety and speed. It is evaluated that it surpasses the world’s top exchanges such as Coinbase, Binance, and Upbit in terms of speed.
The Third Quarter starts in July and ends in September. We made 14%, and it was down 15.7% at the end of the third Quarter. Hayden Capital was established in 1997, and we have returned a 160% net of fees, or 16% CAGR. As a backdrop to returns since inception, we comfortably exceed two widely used representative indices for a passive small company investing, the iShares MicroCap ETF and Russell 2000 Index, and the S&P.
Because our portfolio is concentrated on just a handful of typically small “off the beaten path” businesses, we can expect variance from and greater volatility than the indices. Past performance is no guarantee of future results, and we typically invest in 6-15 names at any given time.
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
YTD
S&P
ACWI
2014
-1.8%
-3.2%
-4.9%
4.1%
-0.2%
2015
9.3%
18.9%
4.5%
15.6%
0.0%
4.5%
2.7%
-1.6%
-0.6%
11.1%
12.0%
-0.8%
51.6%
4.4%
-2.6%
2016
-2.0%
8.4%
9.9%
3.6%
10.5%
-1.1%
0.9%
7.5%
6.6%
-1.6%
1.2%
7.5%
11.7%
38.4%
26.8%
2017
1.5%
-0.3%
4.5%
15.0%
20.1%
1.8%
6.9%
-0.2%
-0.1%
12.3%
11.7%
9.6%
84.6%
69.7%
77.7%
2018
28.2%
12.0%
-2.12%
6.9%
2.1%
7.8%
-0.3%
1.2%
-1.4%
-3.6%
5.1%
-4.3%
-4.8%
-1.3%
-2.8%
2019
7.2%
33.0%
2.7%
18.9%
-2.0%
36.9%
-0.3%
6.3%
-2.3%
1.7%
33.9%
9.6%
131.5%
100.8%
85.1%
2020
7.5%
6.3%
-0.3%
65.7%
67.8%
88.5%
29.4%
66.9%
-0.6%
3.0%
36.3%
23.4%
711.6%
58.8%
51.2%
2021
24.6%
16.8%
-3.7%
27.0%
-1.3%
38.1%
-2.4%
43.8%
-2.8%
21.0%
-4.8%
-6.8%
-5.2%
91.8%
59.8%
2022
-9.1%
-1.7%
-3.8%
-9.5%
-1.7%
-3.9%
3.5%
5.3%
5.2%
-15.7%
-7.4%
-8.0%
As a reminder, Hayden Capital Management does not invest in the hydrocarbons or aerospace/defense industries. Every quarter, I write – and then delete – a more comprehensive section about the decision to avoid these market areas. Given some recent conversations about whether I do “impact investing,” it seems an appropriate time to address it.
I’d previously thought of “impact investing” as a form of ESG investing, but it seems more a sort of Peter Lynch’s “buy what you know” meets PT Barnum’s “buy for the show.” It includes portfolios running the gamut from companies representing “conservative values” to those whose products promote “liberal values,” whatever any of that means.
One Wealth Manager recently told me that “impact investors” will tolerate sub-par returns. The value investor in me scoffs at investing in companies divorced from return expectations. Yet, one can observe that shoppers tend to spend money on things for how it makes them feel, and shopping shares certain features with investing, so why should it be different? One needn’t look far to see how lines that generally separate things can often blur.
As a long-term investor, I view myself as a part owner of a business. I don’t seek out businesses I know, I seek out investments that can return 2x in five years, but I very much enjoy being a part owner of companies whose products I use or “observe in the wild.”
We don’t own shares in CoreCard (something I think belongs in every small-cap investor’s portfolio) because they process payments for the ParkMobile app, but I do enjoy using the app knowing that
~$0.04 of every transaction generates revenue for one of our holdings. When my wife broke her arm, I’m certain it wasn’t so a surgeon would install a plate using a Depuy/Synthes torque-limiting driver made by PDEX, but knowing that’s what he used is neat, IMHO.
The inverse of this utility function defines my principle of avoidance. I appreciate the benefits of a strong military and an oil and gas industry, without which our society as we know it would not exist. But I don’t want to – nor am I compelled to – be a part owner of companies that drop bombs on people’s heads or contribute to the greenhouse effect, like a bomb dropping on our heads in slow-motion. I don’t want to participate in those ecosystems more than I do.
What would make me change my mind? When I covered the Engineering & Construction sector, I was elbow deep in the petrochemical space. The “Majors,” their service providers, and their downstream refiners and processors, headquartered here and operating globally, are organizations that regularly implement complex feats of incredible technology, including, in some cases, in the alternative energy space. If the technologies around various kinds of mitigation or sequestration improve if the balance of carbon outputs shifts and if the market assigns zero terminal value on the assumption that “there is no oil post 20XX”, I think it would be foolish not to reconsider my views. I won’t remain didactic if the facts change, but I will abide by the investment parameters set by my clients, should there be any.
The impact I want to make, first and foremost, is on my client’s capital; to pay for college, a down payment on a house, a vacation, a scholarship, retirement, et al. Narrowing my strike zone by avoiding specific industries is part of this process. At best, it offers an alignment of principles. At worst, it exposes clients to assets different from what they’ll find elsewhere. In a decision-making business-like investment management, revisiting and articulating the reasons behind decisions is an essential aspect of the job.
Here, we will distribute the return according to their Geographic Location:
Annualized Return
Total Return
Countries
1
14.6%
132.8%
Asia: 148.1%
2
30.4%
332.8%
North America:126%
3
17.92%
172.8%
PORTFOLIO UPDATE: REVIEW OF TOP HOLDINGS
Top performers in the quarter were QHRC, CCRN, and RBCN. Major detractors were CCRD and AIM. In last quarter’s letter, which was less than 90 days ago, I wrote substantially about these companies, and my reasons for owning them haven’t changed (though RBCN was acquired).
I recently called the CEO of CCRN to address some concerns about qualitative issues I’d observed in their business. His answers were reasonable. His team has significant material experience at AYA and AMN, the two most prominent companies in the space. Having covered business and industrial services for many years, I think entrepreneurism and technology are operational and cultural foundations for success, and we spent some time drilling into this. I laid out my variant perspective in last quarter’s letter and think the ingredients are in place for continued outperformance.
I continue the effort to upgrade our portfolio by consolidating around what will be the highest IRR ideas. In this vein, I have exited long-term holding PSSR at a substantial loss. This airport management system fumbled its transition from a niche embedded system (mechanical radar) to
a platform-driven ADS-B world. It is our second largest detractor from returns to date, exceeded only by CTEK, which we exited last quarter
Investing in “platform” businesses can offer attractive returns, but many small companies often fail to achieve “platform status”. I’ve had mixed results investing in the theme. I did poorly with PSSR in aviation and many years ago in ACEC in telecommunications; both companies were too small to penetrate a consolidating market or had consolidated around prominent players.
We did well with ARIS (dealer management software; lots of niche disaggregated small businesses), and I’m confident that the payments systems and exchanges we own are terrific businesses; CCRD is an example of the former, and we hold FRMO partly for its position in the Miami Exchange, nee Minneapolis Grain Exchange.
I mention all this because I am adding another that’s evolving by selling one company that failed to transition from legacy enterprise to subscription. It’s a small company with a newly installed management team that helmed our prior successful investment. The company is attempting a two-step evolution from a transactional business to a large corporation to a subscription system and ultimately to a platform for managing and organizing niche data sets. Notably, it is targeting the disaggregated SMB market.
We’ve owned a small position primarily on my trust in management. Having observed the company over the last year and watched it skillfully adapt and upgrade – they’d inherited a business that had suffered with underinvestment and under management – I’ve gained more comfort in their ability to address the threats and opportunities ahead. We don’t own enough yet.
IN CONCLUSION: ON THE ARTS
I recently came across a quote from Adam Grant’s book “Originals” about Galileo and his discovery of
mountains on the moon, and I cherry-picked it to make a pithy comment about art and investing.
“When Galileo made his astonishing discovery of mountains on the moon … he recognized the zigzag pattern separating the light and dark areas of the moon. Other astronomers were looking through similar telescopes, but only Galileo could appreciate the implications of the dark and light regions. He had the necessary depth of experience in physics and astronomy but also a breadth of experience in painting and drawing. Thanks to artistic training in chiaroscuro, which focuses on representations of light and shade, Galileo could detect mountains where others did not.”
Anyone living in a built environment is surrounded by art, and though it might all fade into the background, it is there by design and sometimes by regulations. It often needs to be presented in a context like a museum to be noticed. And because it goes unnoticed, its value is overlooked.
Art not only offers an opportunity to notice things a little bit differently – a critical aspect of investing
– it adds beauty and meaning to our lives. I couldn’t say it any better than Leo Lionni did in “Frederick the Mouse,” so go have a baby, buy the book, read it to them, and you’ll understand where I’m coming from.
And then when you read the next 10K or 10Q, expert network or conference call transcript,
consider the subtext of what they’re talking about and why. I’m not suggesting that something magical will appear. Still, in observing things a little differently, at some point, a public filing or transcript will stand out that rings a little different, whose subtext offers a more honest accounting of operations than the typical rosy-eyed pabulum. Then you may realize you have found a company that “thinks” and operates differently, and maybe it is worth a little extra time. I think CCRD and RELL communicate and act differently among our holdings.
Seeing things through the same lens as everyone else but coming to a different conclusion is itself an art, and it is central to investing in a market that is not supported by zero-priced TINA money. With the markets finally pricing risk and money, it is a stock pickers environment. There is always value in doing a little (or a lot of) extra work to find incremental information because you need to know what you don’t know. Still, there is a portion of investing – somewhere between 20% and 80%, I’d say – where the value added isn’t the incremental data, it’s a variant perspective on the same data as everyone else.
As always, I appreciate your entrusting me with your capital and the responsibility of being its steward. If you were so kind as to forward this letter to friends or institutions who might be looking for an investment manager with experience and a track record on the smaller end of the market cap spectrum, I would be grateful for the effort. I look forward to continuing this conversation in the future.
