Thank you for choosing us as your value investor. Holding on to the basic principle of value investing, we put priority on seeking long-term returns as well as keeping initial capital safe, and to that end, we strictly define the scope of our investment to pick truly valuable targets. We select companies possessing both strong fundamentals and valuation merit, and buy those undervalued stocks in order to minimize losses. To estimate a company's intrinsic value, we analyze its P/E ratio, P/B ratio, dividend and business model in depth. We prefer stocks that have been undervalued not because of their weak fundamentals but because of market ignorance or distortion. We buy those undervalued stocks and wait for a long time to see their fundamental value fully reflected in prices. For this reason, value investing inevitably requires a long-term investment horizon. While recognizing that value investing is not the only way that leads us to successful investment, we would like to emphasize that value investing works better than other investment techniques in relieving investors from the stress of undergoing frequent ups and downs in investment returns and in delivering stable returns over the long run. If you are seeking stable long-term performance, or if you want to prepare for your children's future, we recommend taking our value investing approach from a long-term perspective. We would be happy to utilize our accumulated knowhow to satisfy your needs.