David Fleer
Bristlecone Value Partners, LLC
12301 Wilshire Blvd., Suite 320
Los Angeles, CA 90025 USA
Work 1-877-806-4141

Quarterly Commentary – First Quarter 2012

April 20th, 2012

Dear Fellow Investors,

Earlier this year, a major bond rating agency warned that California may not be able to repay $4 billion borrowed against the ten-year old class action settlement with tobacco companies that is paying states billions over a 25-year period to compensate for tobacco-related health care costs. The money was not guaranteed, but tied to tobacco sales, and the number of smokers is declining more rapidly than anticipated, resulting in lower payouts from Philip Morris et al.

Read the full commentary.

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