It's the fundamentals, stupid!

Our conviction is to invest in quality and value, do our own work and invest for the long-term. 2016 was a profitable year for us despite the political upheavals because we were right about following the fundamentals.

The US and European economies were resilient, employment improved, wages increased, moderate deflation turned into moderate inflation, and rates rose in the US. Most if not quite all of the companies in our portfolios did well, whether they are global leaders with stable businesses, tech companies with dominant franchises or cyclical companies with strong competitive positions.

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