Thank you very much for that.
I see on page 16 of the report you provided the following quote:
Because of the pressures and different objectives of prevalent shorter-term investing, we believe that individual security prices and current valuations often do not represent their long-term intrinsic value.
You're not alone in making this observation. It does seem as if the text written here would have been written by someone who is a value investor. Often when Canadians go to hire an investment adviser, they want to know the investment philosophy.
Would you describe yourself, Mr. Machin, as a Benjamin Graham–style value investor, or what investment philosophy do you bring to this role?