As bottom-up stock pickers, we are nearly exclusively focused on identifying stocks of well-run companies that offer attractive, risk-adjusted return prospects. Our criteria include reasonably valued companies that exhibit durable competitive advantages, strong balance sheets, and competent management. We hope that the strategy summary sent to you over the holidays that provided an overview of our analysis and outlook on your holdings was well received. If you have not already, we encourage you to page through this summary and call or meet with us to discuss them. Some clients who have read the reports have commented that their confidence has strengthened, especially amid a “Year of Turmoil”
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