Your annual letter is this plea for long-term investing. At the same time, we see heightened volatility in financial markets. It's a fraught environment in many respects. Are there reasons to be concerned about some potential moment of rupture in financial markets? «There's always a potential for rupture. Over the last 120 years we have had a couple wars, pandemics, financial crisis, we've seen huge ruptures. But over the long term, you are better off by being in the market than sitting your