We didn’t set out to be different, it just happened.

The irony is we haven’t changed. We stuck to fundamentals while many in our industry tried all sorts of “new approaches”.

One of the most fundamental ideas, knowing the underlying value of individual companies, has largely been replaced by an over-reliance on diversification. We prefer to know what we own.

It’s funny to think that sticking to fundamentals is now considered radical by so many. But we don’t mind.