I’ve been starting to think that there may now be relatively more return from me digging a little deeper into the long term fundamentals in choosing investments. While I still think the overall strategy is the most important thing to get right, at this point it feels like there are diminishing returns to continuing to tweak my approach from a top-down perspective. We are at a point in the cycle where I’m starting to feel more wary about following momentum and want to focus more on holding the investments where my long term conviction, given current valuations, is highest.