Our competitive edge is that we look at companies the way companies look at companies, not the way Wall Street looks at companies. Wall Street focuses on price, we focus on value. We look at balance sheets, we look at income statements, and we try to make sure we have good companies. We can determine a fair price for that company, and we know why a fair price can change with economic conditions even if the company itself doesn’t change. We stick to our process even when it is out of favor because we understand why our process should (and does) work. We put our reasons down on paper so our clients can come to share in our convictions and so they can live with short-term volatility because they understand the long-term conditions. We don’t know that these are “unique elements,” but these are the source of any competitive advantage that we might have.