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  "documentTitle": "Calm Company Portfolio Valuation Update December 2021",
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      "text": "i. An important distinction: this does not mean we have lost faith in the founder or company, and instead a “watchlist” designation (or more likely an obvious trend in that direction) will trigger us to offer increased operational support to the founder(s).",
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      "text": "a. If traction is neutral or positive, we will continue holding the investment at cost, reflecting a slightly conservative point-of-view that the company in question remains too small to make a definitive call regarding fair market value, but is still “in the game.”",
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      "text": "b. If traction is negative (i.e. Annualized Revenue is on the decline), we will flag the investment as on our “watchlist,” signaling a potential for partial or full loss of our investment over time dependent on future traction. In short, the further into the life of an investment we are, continued negative traction will trigger increasing levels of a markdown on our investment.",
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