
Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing long-term earnings power and competitive dynamics [1] - The majority of recommendations will be holds, indicating a cautious approach to market conditions and a focus on fundamental analysis [1] Group 2 - The company expresses a beneficial long position in the shares of TOUR, indicating confidence in its performance [2] - The article reflects the author's personal opinions and is not influenced by compensation from any company mentioned [2] - There is no business relationship with any company whose stock is discussed, ensuring an unbiased perspective [2]