As bad as things have been, this week was worse. Today marked again the worst week in over 12 years. However, there is a light at the end of the tunnel and it is growing brighter and brighter. I have been on conference calls, received emails and market updates from companies that represent our largest holdings; and they all seem to be in very good standing. Most of the dramatic move down this week was/is (still happening today) is due to forced liquidations. There were levered funds that owned some of your biggest positions that were forced to sell at the lows this week. Coincidingly, insiders of those same companies were buying shares (showing tremendous confidence that business is still good). This is truly the best opportunity of the last decade to buy certain stocks. I have attached a graphic that highlights the incredible returns the market has shown after similar drops. The market may go lower, but when it comes back, it will be not be a rally to miss. Stay safe and healthy.

JC