WEEKLY THOUGHTS

Here is something that caught our eye this week: Building a Phoenix At Chenmark, we aim to own and help support the management of companies that have consistent, durable earnings power.  We focus much of our energy thinking about ways to protect and grow that earnings power, and spend hardly any time thinking about an exit strategy.  While some consider this approach naive – we’ve been told “it’s all about the exit”many times – we see countless benefits associated with an indefinite holding period and spent time this week reading about companies which have endured the test of time – some for multiple centuries. Unfortunately, the first takeaway seems