I've finally gotten around to posting Alluvial Capital Management's first quarter 2016 letter to clients on my company site. Please go here if you are interested in reading it or any other letters. Three months ago I wrote about Wilh. Wilhelmsen ASA, a deeply-discounted Norwegian specialty shipping company with an upcoming catalyst in the form of a spin-off. That spin-off has been accomplished, and Wilhelmsen ASA and Treasure now trade independently. The price of each is well, well below a conservative reckoning of fair value.