The Fund returned -7.60% for the third quarter 2019. This compares to returns of 1.73% for the S&P and 0.77% for the Russell 2000. While underperformance is never fun, it is a requirement if we want to generate outsized (and differentiated) returns over the standard benchmarks. The price paid for long-term outperformance will be short-term … Continue reading Q3 2019 Letters