A regime shift, in ecology, is defined as an abrupt and significant change in the behaviour and/or structure of a system.

A regime shift, in ecology, is defined as an abrupt and significant change in the behaviour and/or structure of a system.
As the compensation for accepting risk is at record lows, it is time to think harder about managing risk rather than chasing return.
With central banks distorting the time value of money through unconventional policies, investors can easily be lulled into lax balance sheet standards.
We believe a defensive posture fixated on minimizing risk will equate to a positive real rate of return over a long time horizon.
Although there have been periods of similar underperformance in the past, value investing has historically been a superior way to generate long term returns.
We emphasis bottom up fundamental research in our decision making, but it’s important to recognize that businesses and governments do not operate in a vacuum.