The name requires a little explanation. Quan and I are fans of Jim Collins. We are especially fans of Chapter 5 of “Good to Great”. The hedgehog concept is “a simple, crystalline concept” that guides all your efforts. The hedgehog concept of our newsletter is: “buying and holding an above average business at a below average price.” That’s our one trick. It’s all the newsletter does. Each month, we pick the stock that best meets the dual criteria of: “an above average business at a below average price.” We show our work. We explain why it’s a good buy and hold investment. Why it’s the best stock we could find this month. We never revisit the idea, never tell you when to sell it. Next month, we move on to our next best idea. We don’t look back. That is why our hedgehog is an “avid” one. He is “characterized by enthusiasm and vigorous pursuit.” Pursuit of an above average business at a below average price. To be truly “avid”, we must ignore the market. There are times when it will be cheap, and we’ll have lots of ideas. There will be other times – like right now – when the market will be expensive, and we’ll have very few ideas. No matter. In both cases, we will bring you just one idea a month. It will be our best idea.