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We have made the mistake more than once of not investing in a company with a great management team because of valuation concerns — only to look back a year later and realise we missed an opportunity because the management team made intelligent, strategic decisions that had a significant impact. — Lee Ainslie

One often overlooked place to discover a company’s human side is the CEO’s annual letter to shareholders. At its best, this document provides the CEO’s candid reflections on the company’s progress over the past year, as well as insight into where it is headed. At its worst, it’s pure promotional fluff, designed to deliberately obscure the truth...

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