New Frontiers

We are seeking the most compelling investment ideas wherever they may be found. We are not exploring foreign markets simply for the sake of “doing something different” or “diversifying.” A good business can be found anywhere the rule of law prevails and a capitalistic spirit motivates people, and we want to be able to spot those good businesses wherever they may be based. As Charlie Munger says, “The secret to success is weak competition.” And in many of these markets, securities are more-frequently mispriced because fewer and less sophisticated players are valuing businesses. We always seek to compete when and where we have a competitive advantage.


The statements and opinions expressed in this section are those of the author. Any discussion of investments and investment strategies represents the Funds' investments and portfolio managers' views at that time, and are subject to change without notice.


Past performance does not guarantee future results.