Our strategy goes under the general category of event-driven. We’re value investors looking for mispriced securities at any level of the capital structure with specific catalysts that should help trigger a narrowing of the gap between the market price and our estimate of intrinsic value. The basic idea, which has probably been best articulated by Seth Klarman, is that if your investment is more predicated on an event occurring, that transfers risk away from the vagaries of the market to the specifics of the particular investment. That doesn’t mean you’ll always make a lot of money if you’re right about the event, but it helps clarify the analysis and allows you to arrive at firm Conclusions.We do have traditional investments based more on a broad-based analysis of the business, but even in those we like to have specific catalysts to track. In the case of Wal-Mart, for example, we were focused mostly on the company slowing down expansion reducing spending on new stores and acquisitions and giving that money back to shareholders. It can be a bit fuzzy to determine exactly when an event like that has “occurred,” but our judgment that it has occurred is usually what starts us down the road to selling.