The best businesses have a long runway of growth ahead, generate superior returns, and increase their moat along the way. Our investments have strong technology at their core. We are attracted to businesses that appear to have a high price. We think the valuation is fair because various qualitative factors continue to drive the earnings power for a long time to come.
Great businesses often generate most of their value after the public offering. We have an advantage over many private equity and venture funds because we are not forced to sell our winners and have the opportunity to react if prices swing widely based on sentiment.