Current State of Senior Housing The operating environment for senior housing continues to strengthen materially, and public market performance increasingly validates what we are seeing firsthand across the Cardinal portfolio.

the way to build shareholder value is to build a workplace that brings out the best in people. companies that focus excessively on might-be shareholders at the expense of their teams will bleed talent at the moment in time when talent matters the most. it’s unfashionable to talk about culture, and near uncouth to bring up the “work environment”. while surely the cold-brew-on-tap office perks of the 2010s were useless, and stock comp may be frittered away in uneconomic ways, the returns to building camaraderie and a winning locker room have never been higher than they are today. the best CEOs are building their companies both for their customers and for their teams. the shareholders will take care of themselves.

Great message! Learning about athletes like Gary Hall was incredibly heartening when I found out I was T1D too. Love to see people highlight this

Really cool to see two athletes with T1D playing in the Super Bowl this year! One of our sons has T1D… really special! Let’s go! #T1D

Michael Jordan teaching Darrick Martin a lesson 🐐

An extra special Merry Christmas to all those in healthcare working today and tomorrow. You’re still a hero in my book.

“Judgment begins,” writes Timothy Gallwey in The Inner Game of Tennis, one of the best books I’ve ever read, “when the serve is labeled ‘bad,’ causing interference when a reaction of anger, frustration, or discouragement follows. If judgment could stop at the label and not spiral into ego reactions, interference would be minimal.” The same applies to trading. Instead of labeling a trade as a “failure,” simply see it as a result. What did the market tell you? What can you adjust? By releasing judgment, you free yourself to focus on what truly matters: the next opportunity.

Near every major regime change in investing (value vs growth, tech vs commodities), the underperforming style (or sector or asset class) was thought of as permanently impaired. It’s the same with value investing today.