We do not invest in stocks. We invest in the businesses behind them. In particular, we look for growing businesses with a durable competitive advantage in their industries, which are run by honest and competent management, and are available at an attractive or fair valuation. Gaining a deep understanding of these elements of a business takes significant time and effort. Accordingly, we are in no rush to give recommendations to our members and only invest in businesses that we are comfortable holding for several years. We view this as an advantage as, unlike most funds and portfolio management services, which are often burdened by the need to periodically change their portfolio to match investor expectations in the short run, we can truly focus on the long term. This helps us take advantage of the power of compounding, which is reflected in our excellent numbers, as demonstrated below.