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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><em><span style="font-family: georgia, palatino; font-size: 16px;">If you love it, share it with all of your friends. - Vitaliy</span></em></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" style="text-align:center;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div><div><div><div style="height:484px;display:block;overflow:hidden;" class="ep-height-auto"><img src="http://content.epsrv1.net/image_gallery/uploaded/273/10513/03b6ab78-08fc-4761-b1a5-2e9530c38528.jpg" alt="" height="484" width="570" style="max-width:570px;padding-bottom:0;display:inline !important;vertical-align:bottom;border:0;height:auto;outline:none;text-decoration:none;-ms-interpolation-mode:bicubic;" class="ep-width-100-img ep-img-100"/></div></div></div></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;text-align: center;">Watercolor "Are You Sure?" is by my father, Naum Katsenelson</div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 26px;"><a style="color:#2196F3;font-family:helvetica,arial,sans-serif;text-decoration:none;font-size: 26px;" href="http://clicks.epsrv1.net/click?s=1284|484994386&v=4hjs6oe9rb11xzbtm1r8sw9hwk4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yq3rg6wjd7brb173518qaxb4wcutap1apmp3rwiewq1rne59srncgehkstn8ssu4fymxdhmxoxkd568u55xqxmyxeaihpz7nr9e1e1w7mr9u4e55p6xbzdiww3rfkky9z743myr9c8cjf1k1fcc5mjsbtqazarnsndyo1533a3sjkgt7a3hb5ij6hj6mg7mr743miswi6crwr4tz3uftgyfo4emsybafgur6cy6po"><span style="color:#2196F3;font-family:helvetica,arial,sans-serif;text-decoration:none;font-size:26px;">Me, My Boy and Warren Buffett (or Why I Brainwash My Kids)</span></a></span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">I have a confession to make. I want my company to someday be called Katsenelson & Kids. That doesn’t have to be its official name, but I want to work with my kids. I want my kids to be value investors. I know I am supposed to want them to be doctors or nuclear physicists. I don’t. Maybe if you go Freud on me, you’ll tell me this is my way of not wanting to let them go.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">But I don’t want to push them into investing unless they absolutely love it. I want them to be happy. So far, none of my three kids — especially my 15-month-old, Mia Sarah — has shown any interest in following in my footsteps.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">Six or eight times a year, I am invited to give a talk on value investing to undergraduate and graduate students at the University of Colorado Denver or Denver University. I really enjoy these talks. They are always structured in a Q&A format (I thereby pass the burden of class preparation on to the students). As part of their homework, they have to read my articles and come to the class with questions.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">At these talks I always get the question “How do I start investing?” My answer: Forget everything you’ve learned about Modern Portfolio Theory. Start with an area that you know. If you like shopping, you have plenty of retailers to choose from. If you know cars, you’ve got some choices there. You don’t need a diversified portfolio, just a few stocks. But research these stocks. Read everything you can about them.</span></div>
<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">Don’t do a model portfolio; do real money. Take as much money as you can afford to lose and start investing. Look at this as your tuition money. </span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">The most difficult part of investing is not the analysis but the psychology. A paper portfolio doesn’t trigger fear or greed — only real money will. Charlie Munger has a saying: “Learning about investing from books is like learning about sex from romance novels.” (I skip this line when my kids are in the classroom.)</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">There are many reasons why I do these talks. First, I’m trying to undo some of the damage that Modern Portfolio Theory dogma has done to these young minds. Second, my firm employs three or four interns from these schools, and I use these talks as a recruiting tool.</span></div>
<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">The third reason is a long shot. I have a secret plan (which is not so secret anymore). I always bring at least one of my kids with me to class (two if I’m lucky — my son Jonah is 14, and older daughter Hannah is nine). I never have to drag them because after my presentation we usually go to DQ (my bribe of choice).</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">I don’t know whether they pay attention all the time or not, but I know that they are at least listening a little because I ask them to give me a list of six things they learned from the lecture. My biggest hope is that these talks will spark some interest in investing. If they don’t, I gave it a shot, and at least we got to spend time together.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">Jonah is my immediate hope. My wife, a typical Jewish mother, says that he can become an investor or anything else — after he finishes medical school. (She doesn’t share my dream.) Jonah has so far shown little interest in either investing or being a doctor, but he loves to make people laugh, so maybe he’ll be a comedian.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">In my latest attempt to gently nudge Jonah’s direction in life, I am taking him to the Berkshire Hathaway annual meeting this Saturday, May 2. I don’t know if he’ll be able to sit through six hours of the Warren Buffett & Charlie Munger Show or if he’ll just spend most of his time browsing the showroom at the convention center and eating DQ Dilly Bars (DQ, of course, being part of the Berkshire Hathaway stable). But in the worst case, he’ll have a memory of this trip. And memories are important.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">It was the winter of 2001. I learned that Luciano Pavarotti was going to give a concert in Denver. But by the time I found out, only the very expensive tickets were left. My wife was very pregnant with Jonah — we were a brand-new family. Those two tickets could buy the nice TV we were saving for.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">I was trying to figure out how to convince my wife to spend what was at the time a significant amount of money for a two-hour experience. We are both big fans of Frank Sinatra, and we were watching a biography about him. I said, would it not be incredible if you and I could see Frank Sinatra live; it would be one of those once-in-a-lifetime experiences. Then I said, we can’t go to Frank’s concert, but Pavarotti is coming to town, and we have a chance to see him. She was still under the influence of the Sinatra movie, and she agreed. Today neither of us regrets that decision. The TV is just a thing, but we got to see Luciano Pavarotti, the one and only, live!</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">Why am I telling you about this? Well, this trip to Omaha is going to be a similar experience for Jonah (though he probably doesn’t understand that yet). He’ll be telling his kids and grandkids that he actually went to the 50th Warren & Charlie Show.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 18px;">Will Jonah become a value investor? I don’t know, but I hope that some of the values of value investing will rub off on him and he’ll treat the stock market not as a casino but as a place where you buy businesses at a significant margin of safety. If he decides to become a doctor or a comedian, at least I have two more kids to nudge (brainwash). Maybe it will be Katsenelson & Daughters.</span></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col"><tbody><tr><td height="10" valign="top" class="ep-mobile-divider" style="height:10px !important;color:#FFFFFF;font-size:10px;line-height:10px;"><img src="http://content.epsrv1.net/no_rev/assets/1px.gif" width="1" height="1" style="max-width:1px;max-height:1px;display:block;"/></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col"><tbody><tr><td height="10" valign="top" class="ep-mobile-divider" style="height:10px !important;color:#FFFFFF;font-size:10px;line-height:10px;"><img src="http://content.epsrv1.net/no_rev/assets/1px.gif" width="1" height="1" style="max-width:1px;max-height:1px;display:block;"/></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 22px; color: #000080;">Are you enjoying my articles? If so, please forward them to your friends, enemies, neighbors, and random strangers. Suggest that they <a style="font-family:helvetica,arial,sans-serif;text-decoration:none;font-size: 22px; color: #000080;" href="http://clicks.epsrv1.net/click?s=1284|484994386&v=4hjs6oe9rb11xzbtm1r8sw9hwk4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yq3rg6wjd7brb173518qaxb4wcutap1apmp3rwiewq1rne59srncgehkstn8ssu4fymxdhmxoxkd568u55xqxmyxeaihpz7nr9e1e1w7mr9u4e55p6xbzdiww3rfkky9z7agnpgskwq8u8xmb7unbizuoxroojoq63amrosdjmtj14muprj7qzyby49qms8tiupsnbiqxdmqofw"><span style="font-family:helvetica,arial,sans-serif;text-decoration:none;font-size:22px;color:#000080;"><span style="text-decoration: underline;"><em>sign up for my future</em></span> articles</span></a> (or you’ll have to keep forwarding them).</span></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 30px;"><a style="color:#2196F3;font-family:helvetica,arial,sans-serif;text-decoration:none;font-size: 30px;" href="http://clicks.epsrv1.net/click?s=1284|484994386&v=4hjs6oe9rb11xzbtm1r8sw9hwk4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yq3rg6wjd7brb173518qaxb4wcutap1apmp3rwiewq1rne59srncgehkstn8ssu4fymxdhmxoxkd568u55xqxmyxeaihpz7nr9e1e1w7mr9u4e55p6xbzdiww3rfkky9z7cuitgmjkegge13of6fz5wj697rbo46eq5caa39fbc43b1y7p9ag9y9jxsy8995khw1wmtnewngqckf789kwphnh9j7497yy8px4ks6y"><span style="color:#2196F3;font-family:helvetica,arial,sans-serif;text-decoration:none;font-size:30px;">Mahler – Symphony No. 5</span></a></span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 18px; font-family: georgia, palatino;">In the past I shared with you my conflicted thoughts on anti-Semitic German composer Richard Wagner. To balance things out, today I want to point you to a piece by the Austrian Jewish composer Gustav Mahler, whose music I learned to love only recently. I had tried to listen to him in the past and quite simply did not get his music until I heard “Adagietto” from his Symphony Number 5 – conducted by Valery Gergiev.During his lifetime Mahler was known more for his conducting than his music. </span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 18px; font-family: georgia, palatino;">At the age of 37 he was offered the directorship of the Vienna Court Opera – a very prestigious position (Austrians took their opera seriously then) and an “Imperial” post. At the time, Viena was one the largest cities in Europe and the capital of the Austro-Hungarian empire. Mahler’s appointment was met by public outrage, because until that time that post had never been occupied by a Jew. Anti-Semitism was a big part of European culture – the Austrian public was saying that “a Jew cannot understand Austrian music” and “he will Jewsify our Austrian music.”</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 18px; font-family: georgia, palatino;">Mahler ended up being an extremely successful conductor and music director and held that the Viena Court Opera position for ten years. For appearances he had to convert to Roman Catholicism, which was really not a big deal for him as he was not religious one way or another. Here is another wrinkle to Mahler’s story: – one of his biggest admirers as a conductor and interpreter of Wagner’s music was Adolph Hitler.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 18px; font-family: georgia, palatino;">Mahler’s music often has very depressing tones and for good reason: – eight of Mahler’s fourteen siblings died in childhood. One of the first pieces of music he composed was a funeral march. His Symphony Number 5, which I’d like to share with you today, sounds in many places like a funeral march. </span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><strong><span style="font-size: 18px; font-family: georgia, palatino;"><a style="color:#2196F3;text-decoration:none;font-size: 18px; font-family: georgia, palatino;" href="http://clicks.epsrv1.net/click?s=1284|484994386&v=4hjs6oe9rb11xzbtm1r8sw9hwk4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yq3rg6wjd7brb173518qaxb4wcutap1apmp3rwiewq1rne59srncgehkstn8ssu4fymxdhmxoxkd568u55xqxmyxeaihpz7nr9e1e1w7mr9u4e55p6xbzdiww3rfkky9z7cuitgmjkegge13of6fz5wj697rbo46eq5caa39fbc43b1y7p9ag9y9jxsy8995khw1wmtnewngqckf789kwphnh9j7497yy8px4ks6y"><span style="color:#2196F3;text-decoration:none;font-size:18px;font-family:georgia, palatino;">Click here to listen </span></a>to Symphony No. 5, conducted by Daniel Barenboim.</span></strong></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0"><tr><td valign="top" style="text-align:center;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><table cellspacing="0" cellpadding="0" width="100%" border="0" style="width: 100%;"><tbody><tr><td valign="top" style="vertical-align:top; width:300px;" class="ep-mobile-col-img-with-text"><table cellspacing="0" cellpadding="0" width="100%" border="0" style="width: 100%;"><tbody><tr><td class="ep-mobile-col-table-with-padding"style="float:left; overflow:hidden; text-align:center; background-color:#FFFFFF; padding-top:15px; padding-right:15px; padding-left:15px; padding-bottom:15px; vertical-align:top;"><div class="ep-height-auto"style="height:198px;overflow:hidden;vertical-align:top;display:block;text-align:center;"><img src="http://content.epsrv1.net/image_gallery/uploaded/273/10513/vnk.png" style="max-width:234px;padding-bottom:0;display:inline !important;vertical-align:bottom;border:0;height:auto;outline:none;text-decoration:none;-ms-interpolation-mode:bicubic;"width="234" alt="" height="198" class=""/></div></td></tr></tbody></table></td><td valign="top" style="vertical-align:top; width:300px;" class="ep-mobile-col-img-with-text"><table cellspacing="0" cellpadding="0" width="100%" border="0" style="width: 100%;"><tbody><tr><td class="ep-mobile-col-table-with-padding" style="text-align:left; overflow:hidden; background-color:#FFFFFF; padding-top:15px; padding-right:15px; padding-left:15px; padding-bottom:15px; vertical-align: top;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">Vitaliy N. Katsenelson, CFA, is Chief Investment Officer at <a style="color:#2196F3;text-decoration:none;font-family: georgia, palatino; font-size: 16px;" href="http://clicks.epsrv1.net/click?s=1284|484994386&v=4hjs6oe9rb11xzbtm1r8sw9hwk4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yq3rg6wjd7brb173518qaxb4wcutap1apmp3rwiewq1rne59srncgehkstn8ssu4fymxdhmxoxkd568u55xqxmyxeaihpz7nr9e1e1w7mr9u4e55p6xbzdiww3rfkky9zha1u6tb9uwhwp3p37qjp13gf7ty"><span style="color:#2196F3;text-decoration:none;font-family:georgia, palatino;font-size:16px;">Investment Management Associates, Inc.</span></a> in Denver, Colo. He is the author of <em>Active Value Investing</em> (Wiley) and <em>The Little Book of Sideways Markets </em>(Wiley). <a style="color:#2196F3;text-decoration:none;font-family: georgia, palatino; font-size: 16px;" href="http://clicks.epsrv1.net/click?s=1284|484994386&v=4hjs6oe9rb11xzbtm1r8sw9hwk4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yq3rg6wjd7brb173518qaxb4wcutap1apmp3rwiewq1rne59srncgehkstn8ssu4fymxdhmxoxkd568u55xqxmyxeaihpz7nr9e1e1w7mr9u4e55p6xbzdiww3rfkky9zhqdka3zuk7n3nboa4qtmt6hwqz9hh6qqkmz7oqgbxzank3pdef1n"><span style="color:#2196F3;text-decoration:none;font-family:georgia, palatino;font-size:16px;">His books </span></a></span><span style="font-family: georgia, palatino; font-size: 16px;">were translated into eight languages. </span></div><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"> </div><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">Forbes Magazine called him "The new Benjamin Graham". <strong>To receive Vitaliy’s future articles by email or read his articles <a style="color:#2196F3;text-decoration:none;font-family: georgia, palatino; font-size: 16px;" href="http://clicks.epsrv1.net/click?s=1284|484994386&v=4hjs6oe9rb11xzbtm1r8sw9hwk4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yq3rg6wjd7brb173518qaxb4wcutap1apmp3rwiewq1rne59srncgehkstn8ssu4fymxdhmxoxkd568u55xqxmyxeaihpz7nr9e1e1w7mr9u4e55p6xbzdiww3rfkky9z7agnpgskwq8u8xmb7unbizuoxroojoq63amrosdjmtj14muprj7qzyby49qms8tiupsnbiqxdmqofw"><span style="color:#2196F3;text-decoration:none;font-family:georgia, palatino;font-size:16px;">click here</span></a>.</strong></span></div></td></tr></tbody></table></td></tr></tbody></table></td></tr></table></td></tr></tbody></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td height="10"></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#ffffff"><tbody><tr><td valign="top" class="footer" style="text-align:center;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:12px;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;"><div><div>Investment Management Associates, Inc., 5690 DTC Blvd, 140W, Greenwood Village Colorado 80111, United States</div></div><div class="removable"><a href="http://epsrv1.net/subscription/unsubscribe?s=1284|484994386&v=4hjs6oe9rb11xzbtm1r8sw9hwk4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yxm7nbqnro44dzrjzmhehnx6iscw8x5wyhxbt4eue3soo84qoeryfjc6cqqqw3m5t3yfn5htobw7qo9xtzi7cqoa7rx89re4kzrozrd3p4ppj6hefm8hk8h6e9wn9kjxaku81ge416q35wnr1jkk61dox3py" style="text-decoration:none;color:#2196F3;font-family:helvetica,arial,sans-serif;font-size:12px;"><span style="text-decoration:none;color:#2196F3;font-family:helvetica,arial,sans-serif;font-size:12px;">unsubscribe</span></a></div></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td height="10"></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td><img src="http://open_tracker.epsrv1.net/opened?v=4hjs6oe9rb11xzbtm1r8sw9hwk4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yq3rg6wjd7brb173518qaxb4wcutap1apmp3rwiewq1rne59srncgehkstn8ssu4fymxdhmxoxkd568u55xqxmyxeaihpz7nr9e1e1w7y99y7rrh6fig6m6sc3s6w4um1q" width="1" height="1" style="max-width:0px;max-height:0px;display:none;"/></td></tr></tbody></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#ffffff"><tbody><tr><td align="center"><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td style="height:40px;" align="center" valign="center" width="100%"><span style="font-size:12px;font-family:Arial,Helvetica,sans-serif;color:#4b4b4b;vertical-align:middle;">Powered by</span> <a href="http://clicks.epsrv1.net/pb"><img src="http://content.epsrv1.net/no_rev/assets/powered_by_logo.png" border="0" alt="ExpressPigeon" style="vertical-align:middle;"/></a> <a href="http://clicks.epsrv1.net/pb" style="text-decoration:none;"><span style="color:#2196F3;font-size:12px;font-family:Arial,Helvetica,sans-serif;text-decoration:none;vertical-align:middle;">ExpressPigeon</span></a></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></body></html>