We want to reemphasize what we said in last month’s letter: we think 2018 will be a good year for energy stocks. Selection will continue to be important and we believe the portfolio is well positioned. It is our intention to update our latest report on Texas Pacific Land Trust, our largest holding. We will discuss the state of the energy business in a longer communication soon. In the meantime we include our last TPL letter and wish everyone a prosperous New Year.