2019 Q2 Quarterly Commentary & Opinion

We achieved very solid returns during the first half of 2019. Our composite total return was a positive 11.91%, which includes our cash and 1 Year U.S. Treasury Note position of approximately 21%. Our equity position returned a positive 15.28%. The total returns on the DJIA and S&P 500 were 15.4% and 18.54%, respectively. Since the inception of the firm in October of 2012, our composite total return has averaged 10.1% annually, net of fees. Our equity positions have averaged 12.43%, since inception.
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