AlexSecret/iStock via Getty Images Dear Partners, In the fourth quarter, Laughing Water Capital (“LWC”) returned approximately 6.8%, bringing full year returns after all fees and expenses to approximately 3.9%.i In contrast, the SP500TR (SP500) and R2000 (RTY) returned approximately 2.7% and 2.2% in the quarter, and finished the year up 17.9% and 12.8% respectively. As always individual results may vary, so please check your individual statements for the most accurate reading of your performance. As a r ...