Q1 2025 INVESTOR UPDATE EQUITIES Accounts in Seabird’s Value Equity strategy declined by ~5.2% during the first quarter of 2025 (and of course quite a bit farther over the first few days of Q2). Our attention, however, is focused on delivering long-term returns. We live under no illusion we won’t

Q1 2025 INVESTOR UPDATE “A majority of life’s errors are caused by forgetting what one is really trying to do.” -Charlie Munger Seabird’s focus on a purposeful investment process produced another outstanding year of results for our investors in 2024: Muni+ 8.5%Income+ 13.7%Equity+ 26.9% Joe and I agree there are

2024 Q3 INVESTOR UPDATE At our 8-year anniversary we thought we’d note a milestone or two of interest. Over the past year we entered into two new sub-advisory agreements with fast growing wealth managers – one in Florida and one right here in San Diego. We’re excited to be partnering

2024 Q2 INVESTOR UPDATE EQUITIES Performance: Equity+ accounts gained ~9.6% since the start of 2024. Importantly, from our 2016 inception date your portfolios appreciated by ~16.0% annually, well ahead of our internal “double digit” bogey. Reported results include the deduction of all expenses and fees. During the recent quarter there