Conclusion: In closing, as a firm we are proud of what we have accomplished in 2023. We have maintained a negative correlation to the S&P 500, returning positive performance in both negative and positive equity market environments. Our Sharpe ratio, a widely used metric in finance that measures the risk-adjusted return of an investment or a portfolio sits at 3.02, which is considered quite high. We have not had a negative month in over 3 years, and in 2023 we exceeded our 9-10% expected target with an 11% return for the year.

On a more personal note, as I sat with my wife on New Year’s Eve, kids in bed, house finally quiet and had a moment to reflect on the year just passed, I could not help but be overcome by the deepest gratitude I have felt in my professional life. Our investor base is filled with some of the best that mankind has to offer. The unwavering support and confidence in what we have built continues to floor me. The trust in our vision and commitment to excellence has been a driving force behind our successes. Their continued confidence in our endeavor has not only contributed to the growth but has also played a pivotal role in shaping the positive trajectory of 2024.

We recognize the significance of your investment, and we are genuinely thankful for the belief you have shown in our team and the opportunities we pursue. Once again, thank you for being a valued and loyal investor. We look forward to many more milestones and successes together.