Our small size and our long-term investment horizon give us a structural advantage that many funds do not have. We seek companies that have not yet reached a size large enough to attract many institutional investors (but readily accessible to a fund of our size). We also seek companies focused on long-term value creation, not sidetracked by managing quarter-to-quarter Wall Street expectations. Our founder and chief investment officer maintains a personally material position in the fund. The chef eats his own cooking.