This flag by Thomas Moser in our office reminds us that there is innovation all over America, not just in Silicon Valley. We think that the United States has a superior economic system and investing in American businesses has been an excellent strategy for over three hundred years and will continue to be a terrific approach for many decades to come. As detailed in our Summer 2015 investment letter, we believe the future of American business is bright. In addition, while we cannot control how the market values the businesses we own at any given point in time, what we
can control is to always do our absolute best
to provide the finest client service.