Dear partners, Thank you for your continued trust and support. As I reflect on the past year, I’ve been studying our biggest losers and have noticed these have been unprofitable companies that tend to be the smallest allocations in the portfolio. These are companies with substantial upside if everything goes well, but also more downside. To that end, we’ve cut all stakes in businesses without profits and have concentrated into the companies where we have the highest conviction. To be brutally honest, I have dug ourselves into a hole and I’ve lost many nights of sleep over it but I sincerely believe that concentrating in our best, most resilient companies will be the best way forward. It’s unwise to try to gain it all back at once as that will likely exacerbate things. I don’t take this responsibility lightly and, at the moment, it feels like I’m failing. With that said, I am still, maybe surprisingly so, confident about the future and the quality of the companies we hold. I am eager to focus on the road ahead, using this past year as an immense learning opportunity, laying the foundation for decades of success. Thank you once again for your support; it truly means the world. I won’t forget it.