Dear partners, Thank you for your continued trust and support; you are the best partners I could ask for. As I reflect more on the past year, the more it becomes clear that the core tension in the art of investing is balancing humility and conviction. When a stock goes against you, do you double down, sit still, or cut it? How do you know you’re right? What if you’re wrong? But if you let the stock price do your thinking for you, that is a recipe for terrible results, especially if you think you’re a long-term investor. If you study traders, you’ll see that price is the only thing that matters. If the price is down, they’re out of the position. But if you think you’re a long-term investor and act like a trader, you will almost surely lose money. So it’s important to know what game you’re playing. To be crystal clear, we are playing the long-term game. However, sometimes I find myself using the amorphous “long-term” to absolve myself of responsibility. The key question here is: how do you know you’re wrong?