Letter to Shareholders Value Equity Q3 2015

‘Correction or Crisis?’, ‘Doomsday or Opportunity?’ are the questions posed in our Letter to Shareholders after global stock markets registered their worst quarterly performance in four years. As China struggles to mould a new model economy and the Fed hesitates on interest rate hikes, volatility and investor uncertainty have peaked again – arguably creating the perfect bargain-hunting conditions for the value investor.
“Sentiment indices urge contrarians like us to start buying. Indeed, panicky market environments have historically often been good times to invest.”

Read the Letter to Shareholders here.