It is with great pleasure that we are able to show continued market outperformance for the 1st half of 2014. As long-term deep value investors, we urge you to not overemphasize any one quarter or year, I can assure you that there will be periods of underperformance. The key is that I believe our deep value expertise and utilization of strategies such as selling cash-secured puts on stocks that we are willing to own at a cheaper price, position us to outperform over the long-term. I would expect to see greater relative outperformance in years in which the equity markets are flat, negative or slightly up, than in years in which markets are robust. My expectation is that much more volatile times will be on us sooner than later, so there has never been a better time to be a TTCM client. Thank you very much and please don’t hesitate to contact us!
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