Kinetics Mutual Funds conversation transcript with Peter Doyle from the second quarter conference call. Kinetics Mutual Funds Peter Doyle: Thank you, Bob. And thank you, everyone, for joining us today. I’m continually impressed with our entire wholesaling staff’s level of knowledge regarding the individual holdings in our portfolios, who is running the companies, and any relevant new reports affecting those companies. One thing I thought I’d expand upon was what led us to this point in terms of valuations and how people are putting money to work in the market: it’s really the story of the rise of indexation. Over the last two generations, the academic community has helped shift the portfolio management industry towards the belief that a basket of stocks chosen without research and without regard to valuation will deliver results that are superior to a concentrated portfolio of businesses that have thoroughly been researched and are trading at attractive valuations. We categorically reject that notion. And we offer a clear dividing line between what the academic community and what most investment professionals are doing today and what we are actually doing. Therefore, if you want to be off the beaten path, then we believe the Kinetics Mutual Funds are certainly the place to be. For example, our flagship product, the Paradigm Fund, has a 99% market active share1. Active share is a measure of the percentage of holdings in a portfolio that differ from a benchmark index, and 99% is about as high as you can possibly get relative to the S&P 500 Index (“S&P 500”). Further, as of March 31—and it’s not radically different through today—the top 10 positions in... More