In one stock we sold way too early. Dealing with management was so frustrating that it discombobulated us and we concluded the situation couldn't be fixed. In fact, we should have stepped back and recognized that the attractiveness of the business would outlast management. Within a year of the old CEO leaving, the stock went [...]

We're constitutionally set up to be inactive, following the Warren Buffett idea that you should always judge how you're doing in any given year relative to if you'd done nothing. As long as we've made good decisions and our investment cases are intact, that creates a bias for inactivity.

We don’t like businesses that are completely reliant on human capital that can walk out the door. We have no rule against it, but you generally won’t find us investing in things like investment banks or consulting firms.