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DOES EXCITEMENT ALWAYS BRING PROFITS? SNAP, INC. …

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.

2 © 2017 Fredric E. Russell The public’s first opportunity to buy shares came on March 2 at $24.00. The next day, shares traded at $29.44, the high of the day, and ...

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