Over the long term, only businesses with strong competitive moat are able to create shareholder value. We seek to invest in businesses which have a strong competitive moat or are gradually widening their moat. The competitive moat that attracts us are those driven by strong brands, distribution strength, inherent cost advantages, technology/IP and high switching costs. These businesses demonstrate high capital efficiency and are typically cash flow positive. We do not invest in businesses whose moats are primarily driven by regulations and political linkages.