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  "notes": "The table aggregates positions with less than 50 basis points of impact, excluding bond interest expense.",
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      "text": "Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal. Positions with detractions to performance of 50 basis points or more are listed above separately, while positions with detractions to performance of less than 50 basis points are aggregated, except for bond interest expense. Please see the additional disclaimers and notes to performance results at the end of this presentation.",
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      "text": "Detractors PSH Berkshire Hathaway (3.1%) Fannie Mae & Freddie Mac (2.5%) Bond Interest Expense (1.5%) All Other Positions & Other Income and Expense (0.6%) Total Detractors (7.7%)",
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      "text": "2020 Detractors (Gross Returns)",
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