| Dear Friend,
It was a good week for the market (January was the best start in about 20 years), but it crushed our bearish Honey Badger portfolio and MSFT fell over 4%, dealing damage to Wiley Wolf. On the other hand, Rising Tide is up over 20% for the month and Galloping Turtle has gained 89% so far this year. Enjoy the full report. And the Super Bowl.
Terry
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