Private Management Group, Inc. is an SEC-registered investment adviser. Our stock investment strategy can be summarized by finding companies with high quality businesses, recurring revenues, honest management, motivated executives, reasonable financial structures, acceptable growth prospects, and intelligent capital management. Furthermore, we invest client portfolios using value-oriented investment strategies, which is buying companies at discounts to their private market values. We expect that stock markets will recognize the underlying private market value of these businesses. Buying value can mean investing in companies that are out-of-favor or unpopular. This does not mean we avoid so-called growth companies. We prefer to hold high quality companies with strong secular growth and strive to remain disciplined on price. Some exceptions will always apply, but if we can find one stock with all of these characteristics trading at a large discount to its intrinsic value, we believe this can be a successful investment. If we do this thirty times, we’ll have met our strategic objectives and set a foundation to meet our primary long-term goals.