Dear partners, Thank you for your continued trust and support; you are the best partners I could ask for. So far, we’ve written five letters detailing our strategy and diving into portfolio companies that rank highly across the growth, quality and valuation continuums. At the end of the day, everything is ultimately about valuation – it’s just that valuation is an art and a science. Time is the friend of the great business but the enemy of the terrible business. Therefore, to increase the odds of making money, it makes sense to invest in great businesses at reasonable prices. Obviously, the ideal is to buy an amazing business at a cheap price, but those opportunities rarely happen because the market is a pari-mutuel system, meaning the odds are constantly changing. Sooner or later, the price becomes too good for other investors to pass up and the price goes back up.