RE: Re:

Summary

This week has seen much focus on macro concerns and the ongoing uncertainties of the U.S. trade tensions. The micro has been significantly quieter, not helped by a shortened week in both the U.K. and U.S. Ahead of the E3 conference for the video game industry neat week many stocks in the sector acted well at the end of May and we reflect on the performance of our eGaming basket. We also update performance of our Global TMT First XI and Worst XI lists. We take a look, through the work and help of our strategy team, at the valuation of European equities relative to the U.S. and are reminder of the great earnings momentum for Logitech and the awful trends at Swisscom. We continue to count the ways that China is moving up the IP curve and highlight how the risk of Apple internalising components has come earlier than expected for Dialog. At the stock level we have updates on Ubisoft,DISH,Facebook, Nintendo, Zynga and salesforce.com.

Paul BarrettRichard Kahn

paul, definite growing pains. please provide me a total list of all transaactions initatied by you since inception. dates cost. p and I realized and unrealized.. ticker symbol. etc I think your thoughts on sectors is accurate. however its execution m bears littel resemblance.. ge being a sum of parts, is not a strategy.? watching nespar go the other way and keeping the position. is not a stratgey. e gaming, as a view is a good one, nintendo. ? probably not the best way to play it. owning google amazon facebook. is a core positon if i wanted to follow berkshire, its easy enough. netiher of these positions requres judgement.. analysis. views. expertise.

jeffrey E.

I am In the office if you are free to talk.

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Key Information:

Sender: Jeffrey E. (jeevacation@gmail.com)
Sent: Sunday, June 10, 2018, 1:02 AM
Recipient: Paul Barrett, Rich Kahn
Subject: Re:

These sector analysis is USELESSUI!

I am not a pension fund I! I could care less about balance. You are there for making money, not a custodian. Amanda is wrongthe vast majority of her trades . And our largest losses from the houses.