Portfolio Return for the 3rd Quarter Ended Sep. 30th, 2018 of 15.6% USD.

The large cap model portfolio closed out the quarter ended September 30th with an NAV of $265.21 US. This compares to the value of $229.38 for the prior quarter and represents a net return of 15.6%.

For the first nine months of 2018, the large cap account has grown in value from $206.39 per share to the present value of $265.21, for a return of 28.4% US.

As for the major US indexes: in the first nine months of 2018, the DJIA has produced a return of 7%, the S&P 500 has produced a return of 9% and the tech heavy NASDAQ has produced a return of 16.6%.

Portfolio results for the quarter were buoyed by the inclusion of ADYEN NV (ADYEN.AS- $703 Euro): added on June 14th of this year, Adyen has increased in value by a whopping 49.9%.

$1 million US invested in the portfolio, at inception date, has now produced a net worth increase of more than $25.5 million US dollars.

Such absolute outperformance is extremely difficult to obtain and is generally even harder to maintain. It will be surprising indeed if the account can hold onto the current NAV for another quarter. Besting the NASDAQ by more than 11.8% on the year to date, and maintaining such a gap in the return of the portfolio, vs a white hot index, is simply a preposterous assumption; so, let us not even go there.

Markets seem priced for perfection; it has been a great deal of time since a pullback of any consequence has occurred. Investors are exceptionally complacent and that scares the dickens out of me. As a result, while a number of prospective investors are trying to move heaven and earth, including (in at least one instance) an attempt to exert a modest degree of coercion, for the purpose of obtaining a referral to open an SMA account precisely replicating my work, I must reiterate that there are NO OPENINGS at this time.

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