Prime 2016 Year End Shareholder Letter

The first thing you will undoubtedly notice about this year’s annual report is that it is considerably slimmer than last year’s. For the past few years, I have tried to give you a taste of our “granular”-level thinking by digging down, in often-painstaking detail, into some of our key investments. That’s because I felt that in order for you to appreciate the work we put into analyzing an opportunity from all sides, a high level of detail was required. This year, I thought it would make sense to step back, breathe deeply, and take more of a “big picture” look at where we stand, eight full years into our existence.