Spyglass Investment Strategy Overview

10 Portfolio Construction Approaching Present Value Phase 3 Discount to PV 0-15% Portfolio diversified by maturity of investment thesis Market broadly understands key variables of the thesis; however, full value of the opportunity has not been realized Phase 2 Discount to PV 15-30% Other investors are beginning to contemplate the variables Spyglass considers most important Phase 1 Discount to PV 30-50%+ Opportunity appears to be misunderstood by the broader market Further away from Present Value

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