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    While 2023 produced improved results, we are continuing to optimize and modify our strategy for 2024 and beyond.
    Despite the positive performance this year, we’re still in a highly volatile, emotional, and reactionary market.
    Our strategies have performed positively in the first half of the year and there has been some reversal in both the portfolio and several of the issues pressing on the market in 2022.
    This year has started off with a familiar atmosphere. Macro news once again dominates the headlines, from the banking system beginning to show cracks—to persistent levels of inflation and tight labor markets.
    2022 was an extremely trying year. Over the past several years a multitude of external shocks to the global system, along with unprecedented policy responses, has led to the amplification and acceleration of many cycles.
    Our investment philosophy is predicated on the belief that we’re living through a prolonged period of enormous change.
    Despite the recent market selloff, the businesses that we own are compounding in value at, or beyond, our expectations.
    As we’ve often said in previous letters, we couldn’t be more excited about the current business environment.
    We are entering the 10th year of our long-only strategy, and the fifth year of our long/short strategy.
    The aggregation of marginal gains Dear Partners, One of the concepts that we think about quite often as investors is the idea of aggregating marginal gains. The theory, briefly explained, is that the best way to enhance odds of success is to continuously rip apart your process and see what can be improved, even if …