Please read important disclosures at www.ensemblecapital.com/holdings. Companies are not static assets like gold or artwork, but in a state of constant change. Over a long enough timeline, the company you own today will be quite different from the one you originally bought. As long-term investors, then, we need to periodically reaffirm or alter our perceptions of the companies we own. Buying a company and passively holding it is something other than investing.