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Three months ago, when I was writing my previous letter to shareholders, I had absolutely no idea that I would be writing today’s letter in a situation when war is raging near our borders. Yes, in retrospect, we can say that many things pointed to that. Nevertheless, until the last moment, we refused to believe that anyone would commit to something so barbaric as a full-scale military invasion of another country. Not in Europe, in the 21st century, and essentially without any justification and completely arbitrarily.
War is a very emotional matter, and I can say that sometimes we have no appetite even to think about stocks against its backdrop. But this is our profession and so we have to do so. I openly admit that this is the first time we have been in such a situation. Over the past 30 years of my investment career, there have been multiple wars in various regions as well as several major…