Steve Jobs

On Wednesday, October 5, at 7:49 EDT, my inbox flashed.

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FINANCIAL TIMES Breaking News
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Apple says Steve Jobs has died, aged 56
Apple says Steve Jobs died on Wednesday, aged 56, after a prolonged battle with pancreatic cancer

Just like that, I found out¹. It was simple, succinct, powerful. Social networks exploded with R.I.P. tweets. Is there another billionaire CEO out there that would elicit such an outpouring?

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Dear Investor

In 2010, our investments returned 18.8% versus the S&P 500's return of 15.1%. Overall, it was a decent year, one largely buoyed in Q4 by a few stocks that played out its thesis or was catalyzed by an unforeseen event, namely, a leveraged buyout. They are discussed in more details below with the hope that it sheds light on how I think about investments, and whether or not that fits with your investment goals and philosophy.

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