Dear Clients and Friends,

It is with great sadness that we announce the passing of our firm’s co-founder, James D. Hardesty. Jim died peacefully on May 12th after complications from an ongoing, long-term illness.

Jim was a brilliant, thoughtful man. He was truly an intellectual and known for his photographic memory. Jim’s ability to recall names and dates with precision made him a renowned storyteller. Also renowned, as he would admit, was the long-windedness of those stories.

Over the course of his life, Jim became successful because he lived his passion. Rather than playing golf or tennis, he chose to fill his time reading, thinking, and analyzing balance sheets. A protégé of Benjamin Graham, Jim always tried to instill his love of the brilliant simplicity of value investing by giving all new hires a copy of Graham’s 1949 book The Intelligent Investor.

Jim had recently retired from Hardesty Capital, the firm he co-founded in 1995. His vision and skill blossomed into a firm that is now at all-time highs in every conceivable measure. He leaves a remarkable legacy.

Please keep Jim’s wife Lindsay and daughter Ellen in your prayers.

Sincerely,

The Hardesty Capital Family