Hi Moritz,

And thank you for sharing your thoughts and making them understandable for everyone. I really enjoy reading them and learning from you.

I have a question about holding quality companies, as you have said many times and Icompletely agree. I really see the quality in the businesses you own, but isn't quality something subjective? For both of us Snowflake is a superior quality company, but for other people this might be Visa, Coca-Cola, Apple. What does quality mean at the stock market, since different people see the companies through different lenses? I have thought about that many times, but wanted to understand how others think about that.

Thanks for your time.



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