“I would summarize my five years on the advice side and sole side with a simple lesson, which is that some companies have a lot of power in terms of their market positioning, and some companies are competing each other to death. The ones you tend to want to invest in are the ones that have some kind of moats that are giving them pricing power. A pretty good indicator of that, I think is whether a company is raising prices every year, or whether a company is purely competing on price. So, that has been a really formative lesson in terms of how I think about business opportunities as well as how I invest my portfolio today.”