Investor letter, February 2019

Clarus is mentioned solely as an example of the kind of unconventional holding likely to appear in Maran Capital's portfolio, with no investment thesis stated.

“For example, does anybody else own Clarus (CLAR)?”

The letter notes that Maran Capital's Dan Roller presented Turning Point Brands (TPB) at a prior Harvard Club dinner; no investment thesis or stance on the company itself is provided.

“Our investors may remember Dan from last year’s dinner at the Harvard Club where he presented Turning Point Brands (TPB).”