There isn’t really a strong value-investing culture in Europe at least that operates the way we do. Most of the big institutions here define value in terms of high dividend yields and low P/ E multiples on reported earnings. That’s why so many of them did poorly in 2008, because they owned too many banks and cyclical companies. The majority of European hedge funds are traders who care little about valuation but are investing based on short-term news or momentum. Some are very good at it, but that’s not at all what we do. We tell our investors that while they’re betting on our skill in identifying corporate assets to invest in, in the end, they own high-quality assets. That’s very different than investing in a trading hedge fund, where you’re investing in the trading skill of the portfolio manager. If I have a bad day, that’s not going to hurt the future prospects of the companies I own. If a trader has a bad day, it can be a disaster.