This month we would like to introduce a new section to our quarterly commentary entitled What do we own? In this section, we will talk briefly about our three best and worst performing stocks during the past quarter. When we invest in companies, we place a great emphasis on the fundamentals of the business, with a keen eye towards the companys treatment of shareholders as stakeholders. The stocks in your portfolio are far more than just symbols or lines on charts; they are fractional ownership interests in real underlying businesses. Our hope is that in discussing these stocks in more detail in our commentary, you can share in some of the excitement we have for the underlying businesses, and can foster a sense of pride in the businesses that you are a part of as an owner.