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Francis Chou's Chou Associates Fund letter for the first half ended June 30, 2016.
Dear Unitholders of Chou Associates Fund,
The net asset value ("NAVPU" or "NAV") of a Series A unit of Chou Associates Fund at June 30, 2016 was $92.66 compared to $115.50 at December 31, 2015, a decrease of 19.8%, while the S&P 500 Total Return Index decreased 2.5% in Canadian dollars. In $US, a Series . . .
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