We're keenly focused on how our holdings line up as cyclical or noncyclical. We have a lot of macro concerns, but it's difficult to translate those into an investment strategy when our investment horizon for individual stocks doesn't match up particularly well with how the macro issues may play out. Our base-case position is that [...]

We try to use multiple methodologies to establish a company's intrinsic value discounted cash flow models, private market values, and market-based multiples compared to peers and the company's own history. We think coming at it from multiple directions can give us a higher level of confidence in our ultimate estimate of value.