Epstein Secrets

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

a base of capital many multiples larger than the assets of the Fund today. CONFIDENTIAL 4 EFTA00605927 ADW Capital Partners, L.P. 14/20/2015 Operational Update/Conclusion: The Fund is doing well in 2015 and continues to grow. We have settled into our new office at 1133 Broadway and would encourage you to stop by and

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

nd is also building a position in a Company we are very excited about and hope to be able to discuss with you in future quarters in greater detail. Operational Update/Conclusion: The Fund is doing well in 2015 and continues to grow. We have settled into our new office at 1133 Broadway and would encourage you to stop by and

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

nd is also building a position in a Company we are very excited about and hope to be able to discuss with you in future quarters in greater detail. Operational Update/Conclusion: The Fund is doing well in 2015 and continues to grow. We have settled into our new office at 1133 Broadway and would encourage you to stop by and

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

nd is also building a position in a Company we are very excited about and hope to be able to discuss with you in future quarters in greater detail. Operational Update/Conclusion: The Fund is doing well in 2015 and continues to grow. We have settled into our new office at 1133 Broadway and would encourage you to stop by and

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

companies with these types of cash flows provides a margin of safety to limit our losses when we are "wrong" or when the market inevitably swoons. Operational Update/Conclusion: The Fund is doing well in 2014 and continues to grow. We have settled into our new office at 1133 Broadway and would encourage you to stop by and