Theres plenty of talent out there in the form of

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importantly, cultural fits. There's plenty of talent out there in the form of intelligence and resourcefulness and pre-professionalism at the undergraduate level, and that's important. But we only want talent if it comes with a bias, a temperamental bias, befitting our culture. So to ensure that we could identify diverse candidates that exhibited all those important characteristics, we massively expanded our undergraduate recruitment effort this year. And that effort ended up wrapping up last
17 month, and I am so pleased to report that our incoming class has the potential to really drive some meaningful, long-term change at Ruane Cunniff. And that's not it, you know. Once we recruit a more diverse team, we need to mentor and develop those new recruits to ensure their success here and to make sure that there isn't any bias in our process or in our thought that could negatively impact their success at the firm. That's all I have, and thanks again to whoever submitted the question. I'll turn it over to John. J OHN H ARRIS : Thanks, Salina. Next question is on Rolls Royce: “Somewhat apocryphally you wrote in the annual letter that every time the skies appear about to clear, some new cloud arrives. Were you ever right. I thought to myself as I wrote that, I probably shouldn't write this. I'm jinxing. You seem neither to have reduced nor increased the Rolls Royce position despite the massive stock price drop. How do you see Rolls Royce now?” So I'm going to turn it over first to Arman, who covers Rolls Royce, and then Antonius Kufferath, who also tag-teams it with Arman. A RMAN K LINE : Thanks, John. I'll be brief, but just to get to the heart of the question, we haven't really added or subtracted to it despite a big price move. The reality is the civil aero industry is seeing a disruption that is unprecedented in scale. I think over the last 30 years the largest change in flying hours prior to COVID was a four-percentage point drop. Right now we're talking about 70%, 80% drops in flying hours. There is really little question in our mind that there is a permanent effect on the value of Rolls Royce from what's happening here. It's likely going to be multiple years before we see more normalized levels of flying. So the real question for us is based on the current share price, what are the upsides, the downsides, is the team doing the right thing. So why don't I turn it over to Antonius, who can talk about that. A NTONIUS K UFFERATH : Sure. We've gotten a lot of live questions today in that same vein on Rolls Royce. Rolls Royce is really a story of two major challenges. One is a technical challenge and the other one is the challenge that we all know caused by Mother Nature. On the technical side, it's an ongoing challenge that they're fixing the Trent 1000 engine family. That will be resolved. We have high confidence that it will get resolved. Management has high confidence. But it's going to cost about 2.5 billion pounds of cash costs through 2023.

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