Good afternoon everyone and welcome to the FRMO Corp. quarterly conference call. As a reminder, this call is being recorded. At this time, I would like to turn the conference over to Therese Byars. Please go ahead.
Thérèse Byars – Corporate Secretary of FRMO Corp.
Thank you, Danielle. Good afternoon, everyone. My name is Thérèse Byars, and I’m the Corporate Secretary of FRMO Corp. We appreciate all of you joining us for today’s call.
The statements made on this call apply only as of today. The information on this call should not be construed to be a recommendation to purchase or sell any particular security or investment fund. The opinions referenced on this call today are not intended to be a forecast of future events, or a guarantee of future results. It should not be assumed that any of the security transactions referenced today have been or will prove to be profitable, or that future investment decisions will be profitable or will equal or exceed the past performance of the investments. For additional information, you may visit FRMO Corp.’s website at www.frmocorp.com.
Today’s discussion will be led by Murray Stahl (Trades, Portfolio), Chairman and Chief Executive Officer of FRMO Corp., and Steven Bregman, President and Chief Financial Officer. They will review key points related to the second quarter’s earnings. Once they complete their remarks, we will move to questions. A summary transcript of this call will be posted on the FRMO website. With that, I’ll turn the discussion over to Steven.
Steven Bregman – President & Chief Financial Officer
Good afternoon. We posted on our website this afternoon a slide that we've been posting now for a couple of quarters that is an update of the Horizon Kinetics firm wide assets under management. I'll compare it with the first slide we posted for the period ended July 31st of last year. You will note that the assets under management moved from approximately $8.7 billion to $9.7 billion. It doesn't seem like a very meaningful increase, but one should note, as we have before, that the progress of management fees is not linear with assets under management. We'll see in the profitability of FRMO Corp in this and the coming quarter some variations that aren't linear with those AUM figures.
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