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Due to behavioral and cognitive biases, prices of financial assets tend to over-react during moments of macroeconomic or political stress
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These moments present some of the least competitive hunting grounds to invest in high quality, industry-leading franchises, at extremely attractive valuations
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A well-structured and disciplined investment process that seeks to capitalize on these opportunities has the potential to generate outsized returns that are largely uncorrelated to broader markets
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Emotionally detached outsiders have a psychological and structural advantage over local or dedicated investors that tend to retrench in moments of crisis and fail to fully participate in the recoveries that follow
