There are, of course, substantial winners and losers from 2008, but those are best measured over the course of the past five years. While many will point to hedge fund managers who were short mortgages, financials or the market over this period, we believe the biggest winner has been John Malone, the cable and media entrepreneur who maintained investment composure throughout the period. John Malone entered 2008 with a net worth of $1.7 billion, and now, according to Forbes, has a net worth of $7.5 billion. How did he do it? Firms that he owns and functionally controls were the only firms who consistently repurchased undervalued stock through the decline, and acted like owners while others acted like traders. We do not believe his fortune was simply the result of good fortune – he chose to invest in a highly stable and defensive industry, and he remained true to his investment principles during a confusing and difficult period.