Good Afternoon,

June continues to be challenging, therefore, I felt it is important to reiterate that when we invest in a company, it's because we think their sales and profits are going to increase - not over the last quarter or year, but over the next decade. It's important to evaluate our various metrics and companies over the long term as this tends to isolate the short-term noise and focus on the fundamental strengths of a company.

I had the attachment to this post updated and wanted to pass along to reiterate our view of why we continue to own good quality companies and why we advocate holding these companies through challenging markets. The attachment speaks to staying invested to capture the best trading days in the market – which usually occur near or around the bottom – and how important these days are to the annual and long-term returns of an investor. Please have a look here and let me know if you have any questions.

Please continue to call us as our entire team stands ready to listen and speak with you. My team and I thank you for your patience and are confident that we will get through this challenging time as we have done so in the past.

We are never too busy to help.

Devin