US market

“US markets are pretty richly valued, so we are underweight, our targets, but not by huge amounts, but you try to maintain some discipline in your targets, but we are underweight.”

“Whereas you go to the US Market is a lot of active managers in there. And on average, the whole market is paying fees, but not generating alpha.”

“We own companies that have like 60% heavy down margins. I mean, I'd be hard pressed to find that in the U.S. Market. And they're making money. They're profitable.”

“It's, if it's not yet, it will be as big as the US market, but it really hadn't started yet.”

“I mean, since 2008, other than the last 12 months, the US market was just up and to the right. There are a lot of people who are in the middle of their careers who've only seen getting long risk benefit, and those who took the most risk made the most, and it's…”

“The world is not necessarily integrating any further at the moment. If anything, people are taking a bit of a step back, and we think that's going to make places like Africa even less correlated with the U.S. Markets”

“I think the betas are more interesting than they've been in 15 or 20 years because of not just the entry point, but because of the deglobalization, and you've got a declining correlation of those markets, and the only free lunch we get as allocators is diversi…”