We also find compelling opportunities in companies where the founder remains deeply involved and heavily invested alongside shareholders. Such leaders tend to think long term, take calculated risks, and build with resilience in mind. Our experience suggests that founder-run companies are more agile, more decisive, and more willing to take appropriate innovation risks—all of which position them ahead of peers as the technology landscape shifts. Interactive Brokers exemplifies this alignment—founder Thomas Peterffy still owns the majority of the company. Others, such as QXO and Corpay, are backed by proven entrepreneurs with a track record of building durable businesses across multiple cycles. While these companies are not immune to volatility, their governance and ownership structures create strong incentives to focus on value creation over the long haul. In many of these cases, we can see long-term opportunities for AI applications to materially improve these businesses—for the time being, these are not contemplated by other investors who are seeking obvious “AI plays”. As patient, long-term investors, we are happy to wait for these impacts to be evidenced in the fundamentals of these businesses. Over decades of implementing the same approach, we know that, sooner or later, fundamental value is reflected in equity prices. At a time when macroeconomic and geopolitical risks feel as unpredictable as ever, diversification matters—but not the cosmetic kind offered by a benchmark dominated by stocks that are all largely reliant on a single technology bet. Real diversification comes from businesses with durable economics, defensible positions, and leaders who can navigate uncertainty with conviction. In this environment, the edge doesn’t come from owning everything—it comes from having the courage to be selective and the discipline to avoid the rest.