We are now entering the Q2 result season. As usual, we are not overly nervous as long term investors as we are not reading too much into 3 months of business activity. Our investment cases are based on the long term ability of our portfolio companies to generate discretionary free cash flows. We are not in the game of taking investment decisions based on our view on the next quarterly earnings, not positioned against any possible disappointments or surprises at results publication. Over the years, we found that companies, and particularly their IR departments, became better and better at massaging consensus estimates towards actual results and hereby managing analyst expectations.