We put a lot of emphasis on how management communicates. All shareholders are entitled to candid, timely communication from management and when it’s lacking, it’s pretty obvious. You can be two-thirds of the way through a shareholder letter and it may be so full of consultant-speak that you have no idea what company it is or what industry it’s in. That leads us to wonder whether management is really thinking about shareholders as owners of the business, who deserve clear and complete information so they can make important decisions as owners. We’re also leery of mission statements that get sidetracked talking about various stakeholders and obligations a company has to the community. Those things are important, but only in the context of maximizing the long-term business value. If you don’t treat employees fairly, you’re not going to have the labor force you need to maximize business value. If you don’t treat customers fairly, you can’t maximize business value. We get concerned when those types of things are laid out as independent objectives rather than just part of what management should do to build long-term value. How management communicates about mistakes is very important. No one is mistakefree as investment managers, about 40 percent of the stocks we buy end up underperforming the market and I’d be concerned about any company where shareholder communication doesn’t include a candid assessment of mistakes.