DISCIPLINE. PATIENCE. RESULTS.

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Performance vs. the S&P 500






Annual Percentage Change


Year



Time Weighted

Rate of Return

(1)


In S&P 500 with

Dividends Included

(2)


Relative

Results

(1) - (2)

2012


23.57 %

16.00 %

7.57 %

2013


9.70 %

32.40 %

(22.70) %







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