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with Donostia being the abbreviated Euskara version of Saint Sebastian. Adding around 10 per cent to the bill is always appreciated, although it isn’t expected at bars and pintxos restaurants.

Rogers founded Ariel in 1983 and has run this fund since its 1986 inception. He has also run this strategy’s mid-cap sibling—Ariel Appreciation—since 2002 and serves as the firm’s co-CEO.