Though our investment team seeks investment opportunities worldwide, we continue to operate from a single office in Hong Kong. We have found that physical proximity, and the fact that many of our professionals have worked together for at least a decade, facilitates effective communication and decision-making. This stability and cohesion is reflected by our Investment Committees. Each recommendation is subjected to intense group scrutiny, for both its merits as a specific investment and its role in the overall portfolio. Debate over each proposed purchase or sale is a respectful if sometimes vigorous exchange among colleagues. When all voices have been heard, the group takes action or reconvenes if further research is warranted. We believe that this well-tuned group decision-making process, honed over the decades, enhances individual thinking and reduces dependence on any single person.