Investing in recoveries is a repeatable investment strategy built on the powerful force of mean reversion in equity markets.

• Country-wide crises occur with a great deal of frequency and result in large asset price dislocations.

• These moments present some of the least competitive hunting grounds in which to identify and invest in industry-leading franchises, at extremely attractive valuations.

• Country-wide dislocations are very predictably followed by forceful rallies as the situations stabilize and sentiment turns more positive.

Effectively capitalizing on these recovery situations can result in outsized returns, that are uncorrelated to broader market indices.