我想首先再次介绍一下内在价值投资组合是如何运作的。我认为这在今天尤其重要，因为我们将讨论一些仓位，其中我们中的一个人比另一个人更看好或曾经更看好。所以基本上，内在价值投资组合是 Sean Kyle 和我共同管理的一个共享投资组合，我们处理这个问题的方式基本上是一个简单的规则。
显然，这个投资组合是一个付费投资组合，因为我们不提供任何财务建议，也不实际管理资金。然而，投资组合中持有的每个仓位都必须至少在我们主持人之一的个人投资组合中。有些显然在我们所有人的投资组合中，但主要规则是，我们中的一个人必须拥有这家公司。
所以，对于我们内在价值投资组合中的所有股票以及我们今天讨论的那些股票，你可以肯定我们实际上在它们上面亏了钱。
And I want to actually start by giving another introduction to how exactly the intrinsic value portfolio works. And I think this will be particularly important today because there will be positions that we discuss in which one of us is or was more bullish than the other one.
So the basics basically the intrinsic value portfolio is a shared portfolio that Sean Kyle and I manage and the way we handle this is basically by a simple rule. So the portfolio is obviously a paid portfolio since we don't give any financial advice nor do we actually manage money.
However, each of the positions owned in the portfolio has to be in the personal portfolio of at least one of us hosts. Some are obviously in all of our portfolios, but the main rule, one of us has to own the company.
So, for all the stocks in our intrinsic value portfolio and the ones that we discuss today, you can be sure that we actually lost money on them.