Our focus has always been to avoid risk and focus on innovative opportunities that can generate sustainable earnings growth. In a world where we must cut carbon emissions, fossil fuels will continue to be losers and renewable energy and electric autos will, over time, thrive. As the risks of excessive debt grow, companies with clean balance sheets will have more sustainable growth opportunities. And, as the world concentrates on a smaller number of large companies through indices, we will continue to seek value in overlooked parts of the economy. This philosophy has served our clients well throughout the past decade.
January 2020
