Dear Partners and Friends,

Well, that was an interesting end to the quarter. Trade wars, Presidential tweets, administration shake-ups… the markets hate uncertainty, and this quarter delivered it in spades. Much of this is meaningless to us, given our 10-year investment lens. However, these events certainly cause volatility in the short-run, often driven by those without the luxury of the time horizon we have, who are trying to “trade around” it.

Whenever these events occur, I sit up and take notice. Not over the tweet storms coming out of the White House – but because it’s more likely some of the businesses in our research pipeline will get mispriced. It’s exciting times when I can get off my butt and finally put some capital to work.

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