VGI Partners Limited (ASX:VGI) is a high conviction global equity manager with offices in Sydney, New York and Tokyo. VGI Partners manages capital for high net worth individuals, family offices, VGI Partners Global Investments Limited (ASX:VG1) and VGI Partners Asian Investments Limited (ASX:VG8). At VGI Partners, we focus on businesses that we understand and where we believe we possess insights not appreciated by the wider investment industry. Long-term business success is achieved through operating where you have a competitive advantage. In the business of investing, competitive advantage is obtained through superior knowledge and analysis. VGI Partners believes that its long-term investment horizon provides a competitive advantage in an investment world which is increasingly focused on the short term. VGI Partners invests in a relatively small number of high-quality businesses. VGI Partners believes that diversification preserves wealth, while concentration builds wealth. This is complemented with opportunistic short selling of low-quality businesses that are typically structurally challenged, poorly managed and materially overvalued.