August 10, 2018

What other public companies do you respect in the industry and why?

We respect and even partner with many public companies in our industry, but we tend to focus and model certain of our behaviors in a similar manner to Berkshire Hathaway. Although Berkshire’s exposure to the financial services industry is different than ours, we admire Berkshire Hathaway for many reasons and share many of the same values when it comes to our own approach to running a publicly-traded company. One of Warren Buffett’s most astute observations is that “if a business does well, the stock eventually follows,” and our management team takes that to heart when making both the day-to-day and longer-term decisions that are necessary to drive profitable growth. Buffett’s favorite holding period is famously “forever” and likewise we favor a longer-term view when it comes to investing in our business. We’d rather spend time designing and executing the strategies that support sustainable shareholder value creation than conducting quarterly earnings calls or participating in non-deal roadshows.

We also welcome the chance to interact with our shareholders and other stakeholders once a year at our Annual Meeting, which hasn’t yet attracted quite the level of publicity that Berkshire’s does, but still offers a great opportunity to understand our company and ask questions of us in person. We’re also fans of Berkshire’s annual letter and strive to use this method of communication to convey our current thinking about the industry at large in addition to our internal initiatives and goals. That said, you don’t have to wait for the one chance every year to hear from us in person. We welcome written questions any time and strive to answer them once a month via 8-K, so that any interested party can benefit from our answers.

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