The US equity markets (S&P 500) had a very rough third quarter of 2015 down 6.4%. It was the worst quarterly drop for US markets since Q3 2011. Motiwala Capital aggregate was down 2.4% for the quarter. Year to date S&P 500 is -5.3% while our accounts are -4.8%. Since inception, our net annualized return (after fees and expenses) has been 12.1% v/s 10.7% for S&P 500. Our portfolios are divided into two primary sections. The ‘Generals’ are undervalued equity investments. We own 17 positions, cumulatively equaling 48% of the portfolio. The rest of the portfolio is invested in special...