Every investor wants to find well-managed companies, with defendable market positions, that generate a lot of free cash flow that is reinvested intelligently. The problem is, those companies typically don’t have valuations we can accept as value investors. So we look for businesses that qualify on a few of the ideal characteristics and that we think can improve on the others. In most cases either the management is lousy or the company has had a very bad record in terms of capital allocation. To us, those are the easiest things to fix.