Are You Not Concerned About More Valuation Contraction?

The metrics still look extremely strong. Our returns are substantially above those in the index, and sort of high thirties compared to the index in the teens. Gross margin also extremely high, around 60% level, almost double that of the index. And operating margins, again, are far superior to the index. So at the end of last year, all those operating metrics again look very strong,. which we feel demonstrates that we do indeed own very high quality companies relative to the benchmark.

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