Shareholder letter
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@K1s/3VTccXWbYYg>XlXTej?g>Tabg>XedhTegXebYfhfgT?aXWcebY?gTUBX=ebjg>+ .%IILS,CCFN- O(!N%(LIA%NO / 3PPS?W@K1s/3M>TeX>bBWXeFXggXe 1KCLN-!PFLK!"LQP,CCFN- OQO%LCKLK,,CFK!K#F!I-%!OQN%OFOMNLRFA%AQKA%N:2%U6M%N!PFK'4%PNF#O5LK,,.FK!K#F!I4%!OQN%O!KA QMMI%-%KP!I%NCLN-!K#%1KAF#!PLNO;!KA : O%LC5LK,,.FK!K#F!I4%!OQN%O;"%ILS!KAN%#LK#FIF!PFLKOLC,,N%OQIPOPLKLK,,N%OQIPO!N%MNLRFA%AFKP(%P!"I%O!PP(%%KALCP(FOI%PP%N% %R%KQ%3%OO N!KO!#PFLK -LOPO: 3 -; %R%KQ% NLOO4%N#(!KAFO% LIQ-% :4 ; 5%P1K#L-% ,AGQOP%A6M%N!PFK'1K#L-% ,O!M%N#%KPLC %R%KQ% 6M%N!PFK'1K#L-% ,O!M%N#%KPLC %R%KQ% QXbaVXT=T?aWebiXXkVXcg?baTBBlfgeba=TaWcebY?gTUBX =ebjg>TVebffg>XXag?eXJF)j?g>LFN =ebj?a=T fgTaWbhg06"+N>?f?fbhe..g>VbafXVhg?iXdhTegXebY0-" beYTfgXeAGP=ebjg>+QX>TiXUXXaVbaf?fgXagBl cebY?gTUBXYbeg>XcTfg./Cbag>f+N>XVBXTeehajTlgbAXXc g>?fCbCXaghC=b?a=TBBbjXWhfpTaWC>TWgbV>XVAj?g> ClTVVbhagTag>XeXpgbeXBXTfXg>XiTBhTg?baTBBbjTaVX baTCT@be?glbYbheWbCXfg?VWXYXeeXWgTkTffXgf)Ubbfg?a= aXg?aVbCXg>?fdhTegXegbT%VheeXagBl&BhW?Vebhf!.+3 U?BB?ba+QXCT?agT?aXWg>X>?e?a=W?fV?cB?aXjXXfgTUB?f>XW ?a/-/0TaWBXTaXW?agb;CcebWhVg?i?glgbbBfgbUbg> ?aVeXTfXg>XiXBbV?glbYcebWhVgWXiXBbcCXagTaWeXWhVX g>XYhBBl*BbTWXWVbfgcXef>?ccXWYXTgheXUlTccebk?CTgXBl 0-"biXeg>XBTfg3Cbag>fqg>XaXjgXV>abBb=lcXeC?gf hfgbWbiXelXkV?g?a=g>?a=f+ JebY?gTU?B?gl>TfUXXag>XCXTfheXbYY?aTaV?TBgXV>abBb=l VbCcTa?XfYbeg>XBTfgYXjlXTef)TfXTV>>TWgbTafjXe g>Xf?a=hBTedhXfg?bacbfXWUlg>XCTeAXg7t@hfg>bj=bbW ?flbheUhf?aXff9uCUXB?XiX;YY?eCsfeXfcbafX?ffXBY* Xi?WXag?ag>XahCUXefTUbiX+ ,II#L-M!NFOLKOLK!U%!NLR%NU%!N"!OFOQKI%OOLP(%NSFO%FKAF#!P%A Q?g>AGPVebff?a=g>X!2- CTeAg>?fY?fVTBlXTe);YY?eCsf =ebjg>VTaabBba=XeUXXkcBT?aXWTjTlUlg>XabiXBglbY bhecebWhVg)TaWbhefgXTWlVeXW?gbhgVbCXfWXCbafgeTgX bheVbCC?gCXaggbeXfcbaf?UBX=ebjg>j?g>ebUhfgha?g XVbabC?Vf+ MbcXe>TcfTabg>XedhXfg?bajbeg>TfA?a=?ft@hfg>bj ChV>BTe=XeVTag>?fUhf?aXff=Xg9uQXsiXVbiXeXW ;YY?eCsfCTal=ebjg>bccbegha?g?Xf?ag>XcTfg)UhgTBBbj CXgbbYYXeTVbafbB?WTgXWi?XjbYbheTVg?iX)VheeXag =ebjg>iXVgbef)j?g>fbCXfXafXYbegbgTBeXCT?a?a= bccbegha?gl?aXTV>+
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