On the morning of May 4, 2018, Lemma Senbet Fund fellows presented their final reports to Alex Triantis, dean of the Smith School, and the Smith Foundation Board. Seniors David Niezelski and Jacob Biedronoski led the presentation, highlighting overall gains and successful decisions made over the past year. While the equity market for the past 12 months gave the team reasonable hurdles in finding value-driven theses, the cohort persevered and ultimately achieved higher returns and betas than previous years. Humbly, the team attributed their success in part to legacy portfolios and the luck of inheriting a good hand that allowed them to play their cards right. However, the team also made critical changes to their benchmarking and performance evaluation strategy.