Epstein Secrets

S&C Fund Services. The Fund's performance results have been audited for calendar years 2011. 2012. 2013. and 2014 by the Fund's independent auditor. Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prim

d have since experienced additional gains compounding our year to date results. Our performance was reasonably distributed with Diamond Resorts and Graphic Packaging adding nicely to results, as well as a substantial new investment the Fund is still building a position in which we hope to discuss with you in the

rator, SS&C Fund Services. The Funds performance results have been audited for calendar years 2011, 2012, and 2013 by the Funds independent auditor, Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prim

c. to make that same dollar of revenue go even farther. The two investments we detailed in our second and third quarter letters, Diamond Resorts and Graphic Packaging were direct beneficiaries of this phenomenon. Both companies were "rolled up" through acquisition leveraging their own infrastructure to deliver a

S&C Fund Services. The Fund's performance results have been audited for calendar years 2011. 2012. 2013. and 2014 by the Fund's independent auditor. Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prim

d have since experienced additional gains compounding our year to date results. Our performance was reasonably distributed with Diamond Resorts and Graphic Packaging adding nicely to results, as well as a substantial new investment the Fund is still building a position in which we hope to discuss with you in the

rator, SS&C Fund Services. The Funds performance results have been audited for calendar years 2011, 2012, and 2013 by the Funds independent auditor, Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prim

c. to make that same dollar of revenue go even farther. The two investments we detailed in our second and third quarter letters, Diamond Resorts and Graphic Packaging were direct beneficiaries of this phenomenon. Both companies were "rolled up" through acquisition leveraging their own infrastructure to deliver a

tor. SS&C Fund Services. The Fund's performance results have been audited for calendar years 2011. 2012. and 2013 by the Fund's independent auditor. Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prim

ked him, "Why would we buy a company like Proctor and Gamble at 18.7x 2015 earnings with limited reinvestment opportunities when we could invest in Graphic Packaging who makes its paperboard packaging at a 14 percent free- cash-flow yield, is re-investing in productivity improvements with a 1-2 year payback period