From the Archive: Small-C June 2009 Letter

The portfolio returned 0.1% for the month, bringing our year-to date return to 16.2%.  We were within a rounding error of flat, which is slightly disappointing, but not greatly so. This note is so late because we had trouble coming up with good commentary for the month and now July is nearly over as well.  On present form, we are looking at a very similar month to June.  Clearly some of the momentum we had in the portfolio earlier this year has run out.