well into an investment cycle that should lead to long-term consistent growth from a stable of high quality strategic businesses.

Our long-term capital investment program in ports will move to a new phase next month with the opening in Brisbane of our world-first automated straddle carrier terminal,

The bid is ill-conceived, poorly structured and offers Patrick shareholders a diluted interest in the high-quality businesses Toll wants.

We think the stock is still a very good long-term investment,

There are just dozens and dozens of quality football coaches out there,

I think it's a good long-term investment. They've got a ton of experience between Mason Hawkins and Stanley Cates, and the managers have significant portions of their own net worth in the Longleaf funds. They have every incentive to do right by their shareholders.