Travelogue
There is no substitute for being on the ground to assess a company's employees, suppliers, customers, and overall prospects. As a result, international and domestic travel is a critical component of our research. This Travelogue shares snippets from some of these international trips, including our observations about geographic markets, geopolitical dynamics, targeted companies, and other key considerations.

Japan
Recently, we spent a week in Japan seeking to better understand the world’s third largest economy, expand our network of relationships, and research potential investments. We spent time with insightful local investors, visited manufacturing facilities, toured hundreds of retail stores,…
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South Korea
In December 2022, we traveled to South Korea. We met with companies that we are considering for inclusion in the portfolio and companies that might give us insights into other investments. We are always seeking to better understand local businesses,…
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Iberian Peninsula
We met with several companies and money managers in Spain and Portugal. Building on prior research trips and work, we were able to improve our valuation estimates for a few outstanding companies, to identify several new companies for further research,…
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South Africa
We have an ongoing interest in investment opportunities in Africa as the potential to reach a large, young, and growing population should yield some attractive opportunities over time. As a starting point for better understanding consumers in Africa, we spent…
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Philippines
We visited the Philippines, the ex-Spanish Colony and former U.S. territory, to expand our understanding of the rapid population and economic growth of Southeast Asia. The country has more than 105 million people and private consumption greater than 70% of…
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