Before we begin the discussion of performance, we would like to remind our investors that we use a concentrated value approach to our investments, which primarily includes equities but has included bonds as well. The goal of the Vilas Fund, LP is to produce long-term returns that exceed equity market averages by a material amount, net of fees. To accomplish this goal, we are willing to tolerate both the markets going up and down as well as our strategy going in and out of favor.