Welcome, everybody and thank you for taking some time to tune in with us today. We have asked Andrew Pastor, senior partner and portfolio manager with EdgePoint to update us on how are positioning portfolios in today's current economic backdrop. EdgePoint has one of the best long term track records in the Canadian investment industry, and has handily outperformed the respective indexes since their inception over 12 years ago. So I definitely think we're very, very keen on hearing what Andrew, has to say today.

And really the question-- and I'm going to make this fairly succinct as the question, and we're going to turn it over to Andrew, today to comment, is so Andrew, here's the question. With some of the lowest interest rates in history, equity valuations of some of the major stock market indexes at elevated levels, and then adding inflation showing up for the first time in years, and certainly in my career of over 30 years, showing up and looking like it might be a little more sticky and staying around a little longer than a lot would like, how is EdgePoint, you and the team, significant team of portfolio managers that are up there putting your thoughts and hurt into managing this portfolio that you're running?

How are you managing risk today? To minimize risk of loss of principal which is always one of the most key elements for our clients. And then while managing that risk delivering investment returns over time, so that clients can achieve their end goals, whatever those goals may be. So we're very excited to have Andrew, with us today. Andrew I'm going to pass this right over to you and we're looking forward to your thoughts today, Andrew over to you.

Thanks and it is such an important question and one that's very much top of mind for both the members investment team, and also for a lot of our external partners, and we spend a lot of time reflecting on it. So we put together a few slides and we're going to touch on that question really in 3 components. And we're going to start the conversation going back to our investment program. I'll only spend a couple of minutes on it. I've been fortunate that I had a chance a few years ago to come up PI and meet many of their clients, and so I think they have a pretty good understanding of how we think about the world and how we invest.

And so I just want to go back to it first perhaps some of the newer clients, but really that's just for a couple of minutes to talk with the approach. And then I'm going to go through what we did and how we thought about investing in the middle of a pandemic. And it's this one in 100 year flood and environment we've never seen before, and talk about how does our investment approach work in an environment that we've never had to navigate in the past.

And then to get to today, which is really your question that, we're in an environment where interest rates are extraordinary lows, equity valuations on the surface appear high, we're dealing with a number of potential headwinds one of them being inflation, and so how do we navigate that environment and where we find opportunities. So I'm going to finish that discussion there. So just to go back to our approach, there's really two key principles when it comes to how we think about investing.

The very first principle is, we believe investing is most successful when it's most business like. That is at the core of everything we do-- this mindset of we are private business owners that happen to be investing your money in the stock market every day, but it's that business owner orientation that guides all of our decisions. And so why do we do that? Well, if you took a minute and thought about the wealthiest people that you know, so if you looked at your community and saying, who are the people who've built the most wealth over long periods of times, generations, or multi generations?

What you'll find is while the types of businesses might vary, there are commonalities amongst these wealthy individuals. Number one virtually all the people who are successful over time and amassing wealth are business owners, and they might have owned one business or own a collection of businesses over a very long period of time. And so long term business ownership is the first market framework. And then when you think about what kinds of businesses these are. These are businesses that often are providing mission critical products, essential services.

They're businesses that wake up every day trying to delight their customers. There's something about these businesses that give them a competitive advantage. Capitalism is fierce and so if you don't have something structured by your business that keeps your competitors at bay, eventually excess returns in any business will get wiped out. And so you need to have a moat around your economic cash with this competitive advantage.

And then the individuals running these businesses are wonderful entrepreneurs who are aligned with their shareholders, their people who have huge skin in the game, they have long term track records of wealth creation, they're people of integrity, people that you want to trust with your capital. And so if you just thought of some of the wonderful businesses over time, they could be technology businesses like a Microsoft, it could be a diversified industrial insurance business like a Berkshire, or it could just be a wonderful brand.

But over time is the business owners who are the ones who generate long term pleasing returns. Now, that's how it works in the private business arena. But when it comes to the stock market there's a catch, owning the best businesses in the world, just identifying wonderful businesses is not enough to generate pleasing returns in the stock market. And the reason is that the stock market is a discounting machine. So if all you know is what everyone else already knows about a particular company, then you don't really know anything at all.

And so the way to generate long term excess returns is you can only buy a business when you have a differentiated view. We call this having a proprietary insight. It's having a view about a business's long term future that's not widely shared by other investors. And so just simply identifying great businesses is not enough over long periods of time to really generate pleasing returns, you need to have that differentiated insight, or view about a business's future that's not widely shared.

And this is a really important component of it. And so the question is, how do you get a differentiated view of the stock market? And the reality is you need to have uncertainty. Because if you think about it, in most aspects of your life certainty is a good thing. If you were to get up in the morning and go to the grocery store, you want certainty that the hours of operations that grocery store are the same every single day. If you're driving your car and you get to a stop sign, you want certainty that the person on the other side is also going to stop when they arrive to the stop sign.

Most aspects of our lives are based on certainty. We seek out certainty and it's what gives our order in our lives. But the interesting thing about the stock market is it's the uncertainty that creates opportunity. See, if everyone had the exact same view about a business's future, then all stock prices would reflect that already, then you can't generate those excess returns. And so while it doesn't feel comfortable, it's actually that very uncertainty that lets us buy businesses, when we have a view about that business's future whose short term outlook might look cloudy, but whose long term future is bright.

And so we look for uncertainty. It's actually one of our biggest assets as stock market investors. And so I just want to touch on the approach. And so the two components are, investing as a business owner and finding differentiated views before we invest, having that proprietary insight about a business's future. Now, this investment approach dates back to our founding partner at Edge Point Rob Krembil, who employed this approach starting in the 1970s.

And this approach was employed in the 70s and tourist fund, he later brought in when he started trying mark in 1981, and then that's the same approach we apply every single day, that point since we started 13 years ago. And the key point is that the approach doesn't work every single day, it doesn't work every single month, and it doesn't even work every single year. There were periods of time where our investment approach will fall out of favor with what other people are doing, and we're going to look foolish.

But over long periods of time, which is really how we define success, which is helping you and your crew to get from point A today to point B, which is whatever goal you have in the future, that really is a long term goal, and our investment approach through a variety of different environments has proven that it generates pleasing returns. So that's the investment approach. And now I'm going to spend a few minutes just talking about the most recent crisis, the global pandemic.

If you go back to the 1970s when Rob Krembil started this investment approach, and you fast forward to today, it has not been a smooth ride. The long term returns have been attractive to owners of these businesses, but the path along the way was definitely not smooth. And so we've seen a number of different crises along the way, there was an energy crisis in the 1970s, there was asset bubbles all around the world, including probably the greatest asset bubble ever, which was at the top of the Japanese stock market.

We've see Black Monday when stock prices drop North of 20% in a single day, we've seen technology bubbles, we've seen commodity bubbles. There's been a number of different crises along the way, and our investment approach has had to navigate the. But missing from that list is one event, and it's an event that none of us have seen in our lifetimes, and it's the global pandemic. And so I think the obvious question that you'd be asking about us is, we've invested in a number of crises that we come out the other side stronger, but this time might be different.

Maybe the global pandemic is not the same as other environments we've seen in the past. So how is our business like investment approach work in an environment that we've never seen? And that's what I want to talk about. And so to understand how we invest during a crisis, I'm going to tell you a very quick story, and I think it really provides a great framework for the playbook that we're using when we're trying to navigate any type of crisis. And many of you likely heard this story.

And so there's a story that Eastern monarch, once posed the question to all the people in his land. And the question was, can you come up with a single sentence that will be true now and forever? And whoever could come up with an answer to this question was going to be given a large prize. And so of course, everyone starts trying to figure out what is that sentence. And it sounds very simple, how hard can it be to come up with a sentence that we be true now and forever?

And day after day lines of people outside the Kingdom would submit their questions, but none of them were correct. And then after a month went by a wise man comes in, and put a description writes four simple words, this too shall pass. It is a statement that is not only true today, it is a statement that will be true forever. And it is these four words which really drive the framework we use when we're investing in uncertain environments, crises that we've seen before, and crises that we've never seen.

And so can you take that to the next level? I've tried to say, OK well what else can we say will be true now and forever about crises? And I came up with four different points. Number one, crisis is our inevitable, two, each one is different, three, when you're in the middle of it, it is really hard to see how you're ever going to get out, and then finally, they all end. And these four certainties in truth have huge implications for how we invest your money during these environments.

So no one, if crises are inevitable then we should never be surprised when they happen. And if they're different then we shouldn't say, well, we've never seen this before, so what do we do now because this feels a little different than the last time. But it also has another implication, it means the types of businesses that do well in one type of crisis might not be as safe, or as strong, or as prosperous in another.

So if you use a very simple example, in the 2008/2009 financial crisis, one of the safety stocks, the areas where people felt comfortable was owning movie theaters. So whether that would be Cineplex in Canada, or AMC in the US, or any of the global movie theater chains. Because in a normal recession movie theaters actually benefit, because people stop spending on trips or some of the bigger ticket items, but they still are looking for forms of entertainment.

So one of the lowest cost forms of entertainment is just going out to a movie on a Friday night with your wife and kids. And so movie theaters are actually very resilient, and they're the things you want to own in most crises. But in a global pandemic where crowding spaces are not open, movie theaters are one of the worst business when you own it. And so each crisis is different as the types of businesses you own, have to reflect the unique nature of those crises.

The third point is very important, because when we're in the middle of it, it always feels almost impossible to see the other side. EdgePoint started in 2008/2009 in the middle of financial crisis. And at the time it was like staring into the abyss. It was really hard to know how we would ever get out of the credit crisis, how would we make it to the other side. But the reality is point 4 is always true, all crises end. And if you know they're going to end, it doesn't make any sense in our minds as long term business owners to invest as if the current crisis is going to stay forever.

Instead we look out beyond that end point and say, what is the world going to look like on the other side? Which are the businesses not only going to make it to the other side of the survivors, but who's going to prosper? And then we're making investments today based on that future as opposed to what are the companies that benefit the most while you're in the middle of a crisis. So when we think about these environments there's really three areas people invest.

And so one of the places that is most common-- and this is generally using any type of crisis, not just you need a global pandemic, the average investors looking for safety and comfort. And so we call this group of businesses, the obvious survivors. So when you're in a pandemic what are obvious survivors? Well, their businesses like your local pharmacy, the grocery store, their businesses like a telecom company, because you're still going to use your phone, you're still going to need to stock up on toilet paper, you're still going to buy groceries, these are businesses that are definitely going to make it at the other side.

The problem with these businesses is that they're obvious to everyone else. And so it's really hard to invest in this area long term and have a differentiated insight. And if you go back to our first principles, we're not just trying to find obvious businesses, we're trying to find businesses whose futures look different than the other investors might think. We're trying to find a differentiated view. At the other extreme are what we call, businesses at the epicenter of the crisis.

We also don't spend our time in this area. So in every crisis, there are companies that are right directly exposed to whatever's happening. So in the 08/09 crisis that would be the US banks, the lenders, the mortgage companies. And in the pandemic that would be the cruise lines, the airlines, the hotels. These businesses while some of them or many of them might survive on the other side, they're too difficult to handicap what the long term impact of a pandemic would be in this particular case.

So we completely avoid this area as well. And we spend all of our time in this middle bucket which we call, the non obvious survivors. That simply means we're looking for great businesses, whose short term outlook might be a little cloudier than the grocery store or the pharmacy, but if you look out the other side not only do we think that they are survivors, we actually think they're going to get stronger coming out the other side.

So in the short term the businesses might have some impact because of whatever crisis they're going through, but they're going to come out the other side a lot stronger. They'll walk through a couple of examples of these not obvious survivors, and in every crisis this is where we put our capital to work, in what we call the non obvious survivors. So one example of a non-obvious survivor has been looking for, Middleby is the largest provider of equipment to the restaurant industry.

Well, can you imagine a business that was more impacted by COVID than the restaurant sector globally? For many of these restaurants they either were forced to operate purely as a takeout or in some cases, simply didn't make it at the other side, and so the company that provides the equipment to these restaurants is impacted in the short term. And Middleby, the global leader is the business that the average investor wanted to avoid.

But if you look a little farther out you'll actually see that that's opportunity for Middleby. Number one, Middleby has a lot of smaller competitors who are mom and pop or individual competitors who simply don't have the capital resources to invest in their business during the downturn. And so some of these competitors don't make it up the other side, and the ones that do are not investing for the future. But because is the global leader, they are able to take advantage of the downturn and significantly increase their market share.

The other part of it is if you have to take a longer term view, we actually think that the global pandemic has actually accelerated a number of initiatives inside restaurants to make them more productive. Whether that is contactless piece delivery or dark kitchen, these are actually items that Middleby sales. And so as restaurants start thinking about how they become more productive on the other side, we actually think it could drive a sales cycle for Middleby where they come up the other side stronger.

This is the business that the average investor wants to avoid in the short term. But if you take a longer term view there's a very big growth opportunity for the market leading business. Same thing with O'Reilly Auto Parts. O'Reilly Auto Parts provides aftermarket auto, and so these are not the parts you find in a new car, but once you've bought a car from a dealership and you go fix your car, they're the leading provider of aftermarket auto parts.

For the beginning of the pandemic this is the business people want to avoid, people weren't going to their office, people weren't driving, and so if you're not driving your car surely that means the demand for auto parts goes down. But we had a differentiated view. Our view was we actually think that auto transportation was going to gain significant market share from other forms of transportation, whether that's airlines, that can be public transportation, or that simply could be right here.

Our people going to be taking as much Uber or Lyft in an environment where people are trying to think about social distancing. But the other piece of it is that O'Reilly is the market leader, and it's a very fragmented market with a long runway. And so we think this actually accelerates the growth, and so they have the opportunity to grow when perhaps some of their peers are not in a position to play offense. So if you put it all together, those were just two examples of businesses that we were buying in the middle of the pandemic.

Last year was one of the busiest years in our history. In fact, if you removed our first year 2008/2009 when everyone was launch, this was probably the busiest year. And so if you think of our portfolio, we typically own on average that's caught 35 businesses in your global portfolio. Last year we found 50 new businesses and sold 13. So almost half the portfolio turnover. Why did that happen? Because as we said, we need uncertainty to create opportunity.

If everyone sees the same rosy future it's really hard to get a differentiated insight, which means it's really hard for us to be active and generate pleasing deterrence. But it's environments like last year where the short term was very cloudy, but if you're willing to take a longer term view there were a number of global market leading businesses, businesses who have long runways for growth. But people want to avoid, because in the short term they weren't the safety businesses that you'd feel comfortable with.

And so the final topic I want to talk about is, where are we now? And what's interesting is when we think about the average investor, rarely in our careers have we seen the average investors portfolio. And when I'm talking about a portfolio I'm not just talking about their investment portfolio, I'm talking about all assets, all financial real assets they own. Rarely in a career so we've seen the average investor be so exposed or making a bet on such a narrow outcome.

So if you thought of your portfolio for many of you, you probably own your own house your principal residence. You might even own a cottage, you own stocks, and you own bonds, and so that's a typical portfolio for the average investor. But here's the thing, all of these assets, your house, your cottage, bonds, stocks, they are all driven by one thing, and that's interest rates. And we've been in an environment where interest rates have been in decline for over 30 years.

So our almost an entire generation, a more than a generation of investors have benefited, perhaps not even knowingly that the reason our house prices have done so well, and the reason our stocks have done so well, and the reason bonds is so well is, because interest rates that go down are the rising tide lifts all boats. And if you were to look at the average investor portfolio today, if you just took a poll and said what do you find in your portfolio, the business is on the screen would probably be amongst the largest holdings.

You'd likely own Apple, or Tesla, or Facebook, or Microsoft, and the business on the screen are extraordinary businesses. These are businesses that come along once in a generation. And so they're wonderful business that you want to own. But there is a catch, and it's that these businesses in particular have been extraordinary beneficiaries of low interest rates. Because when a business is very fast growing, and it's trading off short term profits for profits way in the future, that business becomes very valuable in an environment where interest rates approach to 0.

And so in effect while all these businesses are very different, in terms of the products they sell, in terms of their end markets, in terms of their competitive dynamics, they're also all very correlated to one bet, which is the level of interest rates. And so I just want to go back and look at over time what has happened to the largest companies in the world, and how the people who own those businesses did in the ensuing of the future decades.

So if we went back to 1980, what you'd find is 5, or 6, or 7 of the top 10 companies, the largest business in the world, the most commonly owned businesses, were all companies. So 10 years prior in 1970 no one would have thought that the average investor would have loaded up a portfolio of oil stocks, but by 1980 the general consensus was, the world was short of oil. We were at this peak oil, and so all you want to own is going to these wonderful oil companies, because they're generating and gushing tons of cash.

Fast forward 10 years and none of those oil companies are amongst the largest business in the world. I think oil prices over the next 10 years from 1980 to 1990 dropped more than 40%. So you fast forward to 1990 and now there's a new idea, and this time it's Japan, is that Japan is going to be the world leader. And at the time 8 of the 10 largest companies in the world were all Japanese.

So in 1980 if you were to take a pool of investors and say, what are the likelihood that in 10 years time you're going to have your entire portfolio consisting of large Japanese businesses, almost no one would have said that was possible. But in 1990 that's what happened. Sure enough 10 years later none of those Japanese businesses are amongst the largest, most profitable businesses in the world. And in fact, if you bought Japanese stocks in 1990 it would have taken many decades just to get your money back.

We're all familiar with the tech crisis in the late 90s, 2000 and how those businesses ultimately transpired. And then in 2010, 10 years later this time the future was China, that everyone thought that China was basically industrializing their economy at a pace that no one had ever seen. And so ultimately that meant that businesses that are supplying commodities are going to be huge beneficiaries. So the Petrochina's, the Chinese banks, and so forth and the commodity companies like BHP or whatever want to go.

Well, 10 years later and making that single bet on China only 20 companies turned out not to be a very pleasing outcome. So here we are today and again investors are making a single bet. And I want to prosper more because the businesses today are extraordinary businesses. And I would actually argue they're probably better than the businesses in the top 10 of any other decade. And so Amazon, Microsoft, Google, these are remarkable business franchises that the world has never seen.

And it is very possible that that single bed, which is that interest rates stay low, for the next 10 years happens. And if that happens those businesses will do well. But the problem is that is just one outcome. The world is highly uncertain and there's a range of outcomes that are possible. And so what happens if interest rates don't stay low for the next decade, but actually start rising and going back to where they've been for most of World history, how will those businesses fare?

And so without knowing the answer to that, we've tried to build your portfolio in a very different way. We've tried to build our portfolio to be resilient for not just one outcome, but for a range of possible outcomes. And so on this slide I just wanted to show the description of a handful of businesses you own, over 35, 40 businesses you own a global portfolio. You own a cosmetics business, you own software business, you own a toy manufacturer, food service, IT, you go across different businesses.

And this is by design, we look nothing like the index because we don't know how the world's going to play over the next 10 years. But we want to be diversified by business idea. So that's point number one is we've tried to build a resilient portfolio, that's not making a bet on a single outcome in this case, that interest rates continue to stay low forever. We've tried to build a portfolio that can do well under a variety of different economic scenarios.

The other point is that because investors have concentrated their money in such a narrow group of businesses in this case, we call the big growers energy technology companies, it's left behind huge opportunities to own market leading businesses that otherwise might just seem boring, like a leading railroad that holds a monopoly or oligopoly in its local markets, or an asset management business, or the leading supplier manufacturing plastics for everyday use.

And so we have what we call a tale of two markets. There's the one market, which is where most people have their investments, but then there's a whole other market that are largely deemed investable today. And within that other market there are a lot of businesses we don't want to own. But there is a small group of them that we think are competitively advantaged market leading businesses, businesses who have long runways for growth, but because they're not as widely owned as everything else, we're able to buy them today without paying off that future growth.

And if you're going to finish by walking through an example of a business that you own, and you own it across the global portfolio, and if you happen to own our Canadian portfolio, we also own it in Canada. The reason I picked this is one, it's Canadian, and so I think it's a business that many people are familiar with and so it's easier to articulate. But it follows a theme that we see a lot, and it's where we find a lot of investment ideas. And it's this idea that, investors have long memories.

And so when a company goes through a rough patch, and that rough patch last several years, it takes a very long time for the new set of investors to come and want to own the stock, because the previous investments got burned are not willing to go back. And so Fairfax, we think is that perfect example where the business they operate is very simple. They're in the insurance business. And they're a global player, they have a Canadian business as one of the leading players, but most of their insurance is in the US, and then they also own a large European insurance business as well.

Their track record for wealth creation is extraordinary. Fairfax started in the mid-1980s and they've compounded book value per share in this case of an insurance company, book value per share is a good way to measure the intrinsic value, the fair value of the business. And they've grown their net worth at 18% per year compounded for 35 years, that's an extraordinary feat. Very few companies in the world have that type of track record in longevity.

But where do they have long memories? The stock price of Fairfax today is the same as it was in 1998, it's been more than 20 years, and if you bought Fairfax in 1998 you have not made money. And the reason is that Fairfax went through a series of self-inflicted errors or missteps, that meant that the ensuing period didn't do well. But the other reason is that the starting valuation in the late 90s was very high. So if you paid too much for even a great business, your future return will be less than pleasing.

So where are we today with Fairfax? Well, Fairfax makes money two ways. One, is they make money on their core insurance business. So they collect premiums and then they pay out claims. And ultimately they collect more in premiums that they later than they have to pay out, they make what we call an underwriting or insurance profit. The insurance industry is cyclical, and you go through very long periods of time where you don't make a lot of money.

But then you go through these narrow periods where people in the industry stop writing business, and then the remaining players do very well, they raise prices and what we call a strong insurance market, a hard market. We are in one of those environments today, where probably the best insurance pricing environment, we've seen in a generation in 25 years. So their core business is doing very well. The other part of it is insurance companies get to take the premiums they collect and invest it before they pay the money back.

Well, Fairfax's investment results, what they've done with the float and what they've done with their capital has not been pleasing for a long time. But we think that's changing and in fact, over the last 12 to 18 months the investment portfolio has done extraordinarily well, and we don't think it's being recognized. So both parts of the business are doing very well, which means that the business is growing, its book value, its intrinsic value, and a very fast rate.

So what do you have to pay for a business like that, well, you can buy it for 60% or 70% of book value, that's a fraction of what you'd expect to find where business that's growing. It's almost trading below liquidation value, you could sell the individual insurance subsidiaries and the money you get would be way more than what you're paying for every day in the stock market. And so it's the business that we want to own on your behalf.

It's a global leader, it's a business with a long track record, it went through some short-term stumbles. But the fundamentals have not only gone better, we think there's real runway for those fundamentals to continue to last for a long time, but we're buying it at a point in time where no one wants it. It's not the business that people want to own. It's a reflection of where we're finding opportunity around the world.

And so just to conclude, going back to our investment philosophy there's various ways to make money in the stock market. But our belief is investing is most successful when it's most business like. Think of that wealthier-- the wealthy individuals in your local community. How did they build their wealth? They were business owners, well, we do the same thing and the collection of businesses every day in the stock market.

Number two, you need uncertainty to generate pleasing long term returns. It never feels good in life to have uncertainty, we strive and seek out certainty, but in the stock market it's uncertainty that creates opportunity. And in order to have a differentiated you go out of business, we need to have uncertainty in those specific companies so that we can have a view that's not shared by others. Our investment approach has navigated many environments starting with Rob Krembil, in the 1970s through to try work and ultimately to EdgePoint in 2008.

We've seen a variety of environments, including global pandemic and the business oriented approach by growth and not paying for it, has proven that it works over long periods of time. It does not work every day, or every month, or every quarter, every year, but over long periods of time. It is the best way we know how to deliver value and help clients get to point B. Then finally when you're in crisis is like we've been in, it's important to remember that these are opportunities.

These are wonderful assets, they don't feel good no one likes to go and endure the emotional, psychological hardship of living through various crises, whether it's a financial crisis or in this case, a health crisis, but they create investment opportunities. And for our investment approach to work we need those crises. And they allow us to buy growing businesses and not have to pay for. Thank you.

Hi, Andrew. It's John Arch, here and we certainly appreciate you joining us today, and thank you for that great presentation. Hopefully it will give all of our listeners a better understanding and appreciation for how you guys manage money at EdgePoint. Before we conclude, I would just like to highlight a couple of key points that we hope people will take away from your presentation. And the first one is that, despite the challenging market backdrop that both you and Alan talked about where valuations are very high, you guys at

EdgePoint are still finding incredible businesses to invest in that are trading at very reasonable prices, and that have much higher growth rates than the overall market. And we think that's really important in this environment where it's very easy to overpay for an investment today. And the other important point that we want to emphasize is how active you guys are at EdgePoint when there's volatility in the market.

We all know that when the market gets really volatile like it did last March it can be paralyzing for many investors, and it's really hard to have confidence, and make investment decisions during such uncertain times like that. And for people who don't have that confidence or conviction to do it themselves, I find it really comforting to know that we have managers like you guys at EdgePoint, who are taking advantage of market volatility on our behalf.

So I think that combination of being able to find growing companies at reasonable prices, and then to be actively buying when prices are falling, is a recipe that should continue to lead to superior results over time. And quite frankly that's why we remain quite optimistic despite all the challenges that are out there today. So I think that's a good positive note to end on. We'd like to thank all of you who have tuned in to listen to Andrew. We hope you found his presentation to be of value.

And please don't hesitate to reach out to Alan, or myself if you have any questions about any of the material that was covered. And if you have any family members or close friends who you think would benefit from this information, we would certainly encourage you to send it along to them. So Andrew, thanks again to you, and Sarah, and Mimi and the rest of your team at EdgePoint. We really appreciate your time today. We're going to sign off now and we hope to see all of you very soon. So thanks everyone and enjoy the rest of your day.

Thanks Andrew, we greatly appreciate it.

OK, appreciate it.

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