The most important truths are often hiding in plain sight — not because they are obscure, but because they are quiet, familiar, and easy to pass by — and finding them requires the same consecrated attention that led a treasure hunter to recover a pirate ship that had sat undiscovered for 250 years.

I reflected back to my senior year in high school, and I had probably my favorite teacher of all time, Mick Carlin. My father's best friend, Barry Clifford, had discovered the only recovered pirate ship about in 1984. And it'd be kind of part of the family, right? Like listening to the stories of this pirate ship. And of course, as a young boy, there's nothing of a better story than a found pirate ship. And he found it right off of Wellfleet. It was literally not far from where we kind of grew up surfing. And to think that this treasure was under the water hiding in plain sight. So the letter was kind of a reflection on that history. My love really started my love of research and to realize that if you worked with something long enough with the research, you can actually arrive at an insight or a treasure in the case of what Barry found. And I find that that's kind of what we do every day. If we're really kind of looking across this wide field of investment opportunities to try to understand what is being, what's hiding there? What is that exceptional business that for some reason is being ignored and therefore the valuation gives us an opportunity to earn above market returns over a long period of time.

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