Portfolio manager Cale Smith on investing, Spoke Funds®, and Islamorada in the Florida Keys.

Up 73.5% thru the end of July. See my latest Letter to Investors here. Sign up to receive them here.

Disclaimer: This performance is highly unusual and cannot be sustained. Because the portfolio contains a limited number of companies, its returns will be more volatile than a portfolio investing in a higher number of stocks. Fund inception date 11/20/2008. Returns above are as of 7/31/09. Positive returns are not guaranteed. Individual results will vary depending on market conditions and investing may cause capital loss. The performance data is “net of all fees” reflecting the deduction of advisory fees, brokerage commissions and any other client paid expenses and includes the reinvestment of capital gains. The publication of this performance data is in no way a solicitation or offer to sell securities.