Communications We make a virtue out of communications between ourselves and also with our clients. Although our team is spread across six offices, we exchange, via an intranet, all our investment ideas, research notes and visit reports. We travel in large groups so that we can learn from each other. We write a monthly newsletter to our clients (we call it a “Diary”) and attach full details of portfolio holdings. Past Diaries are posted on our website. We send our clients a Holdings Booklet every four months which contains a one page synopsis on each holding. We find the preparation of this booklet a useful discipline. We like to correspond regularly and circulate our (occasionally indignant) letters to investee companies. We style these “Henry Roots”. Some may even raise a wry smile.