Aug 9

Second Quarter Update – 2017


The investment results of the All Cap model portfolio are positive and have performed in line with market indices in the second quarter and for the first six months of the year (individual performance may vary). The very positive results of the majority of our positions in the strategy have been slightly obscured by the negative stock performance of our positions in Bank of the Internet (BOFI) and Bank of the Ozarks (OZRK), which negatively impacted returns in the second quarter. We continue to believe these are temporary market fluctuations impacting BOFI’s and OZRK’s stock prices and are not indicative of the two banks’ ongoing strong fundamental performance and value creation… Q2 2017 All Cap Letter