Dear partners, Thank you for your trust and support. This is your hard-earned capital so I want to be frank with you – I’ve made a couple mistakes so far. First, I wasn’t as focused on current free cash flow as I should’ve been. For example, SentinelOne, was a detractor in the portfolio though I believe they are making progress on the bottom line. Even though it’s only been several months, I still believe it was a mistake to size it up in the portfolio initially. As rates have risen, companies burning cash have been hit disproportionately. I drastically underestimated the short term effect of this. I have rectified that mistake and have added several companies that are gushing free cash flow. No matter the market sentiment, companies that are growing, produce large quantities of cash, and have a net cash position are well-equipped to gain share and take advantage of whatever circumstances are thrown at them.