3Q 2021 Market and Economic Overview

We kick off this quarter’s commentary by acknowledging and expressing our gratitude to Kopernik Global Investors, LLC, and in particular to David Iben, the CIO and Portfolio Manager of the Kopernik Global All-Cap Equity Fund, in giving us express permission to share with you David’s most recent commentary, entitled “Sedona”. In his commentary, David covers many of the ideas about which we also feel strongly. His elegant prose covers a myriad of issues that investors currently face and uses examples of companies held within the fund that he manages as a way to address these issues. We were attempting to create a similar sounding missive ourselves, but when David’s came across our desk, we were cowed into humility as our feeble attempts at waxing lyrical on such matters paled in comparison and instead took the easy path of presenting to you a more engaging piece. We strongly encourage to read “Sedona” which is attached separately. Accordingly, our own commentary will hopefully (thankfully?) be shorter and we will only touch upon a few matters which bear highlighting