Capital Allocators is brought to you by Ten East, an investment platform for sophisticated investors to access private markets.

Ten East brings benefits of having your own family office without the cost and headaches of doing so.

It's founded and led by Michael LaFelle, former deputy executive managing member of Davidson Kempner.

Michael and his investment team offer members the opportunity to co-invest by offering at their

discretion. Michael and his team source, diligence, and commit material personal capital to each

investment. The opportunities shared on the Ten East platform

offer exposure to private credit, real estate, niche venture and private equity, and other

idiosyncratic investments that typically aren't available through traditional channels.

The principles have over a decade track record of investing in these types of exposures

across more than 350

transactions. Post-investment, the Tennis team conducts ongoing monitoring and reporting,

just as you'd expect from an institutional investment organization. I've known Michael for about a

decade, and after becoming impressed by the quality of 10 East offerings, its research

process, and high-quality investment team, I became an advisor to the organization, an investor

in multiple offerings. You can learn more and join me as a member at 10-east.com. That's the number

10, east.co. We're counting down the top five episodes of

2023, and we've reached number one. The number one episode of the year and the number one

capital allocators episode of all time is Seth Klarman, Timeless Value Investing, episode 328.

Seth's uncommon wisdom and sole podcast appearance combined to make this year's

chart topper one for the ages. Wishing you a very happy and healthy holiday and new year.

See you on the other side. Before we get going,

there are three action items I mention in this year's annual letter. First, we're looking to

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