Members of the Monday Marginals and Gentlemen, We gather together here to celebrate the 20th anniversary of The Monday Marginals. It is fitting that we do so. When the idea of forming an investment group was advanced, the concept was greeted with wild applause by the husbands. It is well established that women marry younger and live longer than men. As a consequence they end up with the responsibility of managing the family fortunes. This is a task for which wives of the average age of the Monday Marginals were ill equipped by either training or experience. Today the Monday Marginals have amassed assets of some $80,000 compared with a portfolio value of a mere $15,000 at the end of year one. Last year they paid in some $6,300 but took out over $24,000. The partnership books indicate substantial retained earnings. On the surface this indicates an impressive performance. But let me caution you. No precise verifiable record of the rate of total return is available. The road has not always been smooth nor the winds favorable. Indeed at the end of year one it was a question of whether the work so nobly conceived could long endure. Let's examine the fate of some of the original commitments. 35 shares of Electronic Memory & Magnetics bought at $26 1/8, sold at $16 3/8, a 37% loss in 4 months. 25 shares of Bio Rad bought at $19 dropped to $3. 1