Group 1 - The quarter shows no change in trend, with ongoing challenges on the topline, although there is a sequential improvement [1] - Operational losses are close to breakeven when adjusted, occurring in one of the company's strongest seasonal quarters [1] - The investment approach focuses on operational aspects and long-term earnings power, rather than market-driven dynamics [1] Group 2 - The company emphasizes a buy-and-hold perspective, indicating that most calls will be holds by design [1] - A very small fraction of companies are considered a buy at any point in time, highlighting a cautious investment strategy [1] - Hold articles are intended to provide important information for future investors and introduce skepticism in a bullish market [1]

Group 1 - The core investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective, rather than market-driven dynamics [1] - The articles emphasize understanding the long-term earnings power of companies and the competitive dynamics within their industries [1] - The majority of recommendations will be holds, indicating a cautious approach to investment opportunities [1] Group 2 - A very small fraction of companies are expected to be a buy at any given time, highlighting a selective investment strategy [1] - Hold articles are intended to provide valuable information for future investors and introduce skepticism in a generally bullish market [1]