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DOES EXCITEMENT ALWAYS BRING PROFITS? …

No Soporific Jargon 1 2017 Fredric E. Russell April 11, 2017 INVESTMENT LETTER DOES EXCITEMENT ALWAYS BRING PROFITS? SNAP, INC. ( nasdaq : SNAP) One challenge a money manager faces is to keep a curious and energetic viewpoint, eager to embrace untested concepts, willing to dig deep to learn about any company that he or she believes is undervalued or underpriced. Pursuing such a challenge can be intellectually stimulating and, as we have seen in the case of Universal Display ( nasdaq : OLED), can produce investment rewards.

No Soporific Jargon ® 1 © 2017 Fredric E. Russell April 11, 2017 INVESTMENT LETTER DOES EXCITEMENT ALWAYS BRING PROFITS? SNAP, INC. (NASDAQ: SNAP)

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