We are a financial services company, not a bunch of magicians who can make your savings grow behind closed doors. Investors must have the ability to measure their risk: our clients have a right to know. Know who we are investing in (our monthly Newsletter), why we are investing (our Focus on Companies), know about our mistakes and the lessons learned (our annual Performance Report). This is the way we work as a team: disclosing our research, our successes and our failures creates a duty of prudence, discipline and modesty. Asset management is an exciting pursuit, because it is an ongoing learning process, but can only be done properly by using the right tools. Transparency is our tool.