As the pace of economic growth has quickened and the potential risk of higher inflation has arisen, we continue to believe in the importance of identifying companies with defensible competitive advantages. Companies with pricing power, improving unit economics and the ability to grow market share while bringing new innovations to the market are typically less exposed to the commoditization of their products and services. And while interest rates, macroeconomic results or news headlines may be the ‘rain’ that temporarily knocks quality companies ‘down the waterspout’, we believe it is their growth ‒ in free cash flow, earnings, and continuous innovation ‒ that allows them to keep advancing.