“While we believe in family and owner-controlled firms so much that we spent years of our free-time authoring a white paper on the behaviors and fundamentals of this class of securities”
“While we believe in family and owner-controlled firms so much that we spent years of our free-time authoring a white paper on the behaviors and fundamentals of this ...”
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.