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Our top managers continue to focus on higher-quality businesses rather than seeking out bargains in a market that (in many of their minds) has become fully valued.
Our top managers remain cautious, focusing more on relative valuation and increasing their willingness to book gains in the face of a rising (but potentially overvalued) market.
The ongoing rally in the equity markets continues to limit the buying and selling activity of our top managers.
Our top managers continue to find attractive buying opportunities in wide-moat firms.