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I used to write quarterly letters to shareholders. After a few, I switched to annual letters. In the future I will only write to shareholders when I think I have something new and important to communicate.
For competitive reasons we are limiting the information that we disclose about our acquisition activity. We believe that sharing our tactics and best practices with a host of Constellation emulators is not in our best interest.
Since this is the last annual President's letter I thought I would include a grab bag of items that I think long-term shareholders should consider.