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As long-term investors, company management and culture are very important to us. And while management always matters, I'd say it's especially when economic conditions get tougher, it's when the benefits of good management, they become more visible. You think about all these years we just had where money was very cheap. The reward for things like being patient or frugal or thoughtful about capital allocation, it was less obvious.

But it's different now. And the companies that stay disciplined through all those years where money was cheap and things were a little easier, they're set up a lot better for today's world where rates are higher and economic growth is likely to be more challenged. So I'm confident in 2024, the best CEOs are going to stand out. And I'm very happy that we're invested in some terrific owner-operator CEOs for this year and next year and the years beyond.

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