Hey Vince, thanks for the year-end summary! I've been pecking at the mine face of my reading backlog.

Three questions:

1. I'm curious to better understand your investing style; for example, how did you trade the GTLS bounce and secondary? I recall from our previous discussion that you bought a full position (I think near the bottom)? Did you sell the bounce, stop out on the secondary, or buy more on the dip?

2. I'm wondering if you've had success shorting recent SPACs? It seems like they all implode following the initial squeeze, but as you note, while it looks like free money, borrows are very hard to find.

3. ISPO looks intriguing. I haven't done any work besides reading your article and drooling over their inventory (which sadly I'm unlikely to be able to afford; I'd offer to carry your bags, but I think they do all that stuff for you). Their guide down is a little unnerving given that the macro environment is likely to get much much worse before it gets better, and besides, a solitary guide down is as rare as hen's teeth. But I think they do have a real business, they've displayed a lot of creativity in expanding their product offerings, there's huge potential for further expansion (e.g. internationally), and there's potential for a powerful network effect among their target demographic. Further thoughts?

Best wishes to you and your family for the New Year!

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