The client letters presented on this website are modified versions of periodic letters sent to clients of Avenir and are provided in this format to illustrate Avenir’s approach to investing. Copies of the original client letters can be provided upon request. Please note that the commentary in the client letters represents the views of Avenir and its portfolio managers as of the date indicated in the individual letters and that these views are subject to change at any time due to changes in economic, market and other conditions. The information contained in the client letters was prepared by Avenir’s portfolio managers based upon information available at that time that was believed to be reliable. References to specific industries are for illustrative purposes only and are not recommendations to purchase or sell securities in these industries.