The Fund may emphasize a «value» style of investing
that emphasizes undervalued companies with characteristics for improved valuations, which may never improve and may actually have lower returns than other styles of investing or the overall stock market.
I think, if you look at the stock market on the basis of normalized earnings, on the basis of the actual cash flows that
companies have historically, and I can't
emphasize enough, actually delivered over time, and metrics that measure those things, we are not
undervalued here, we are actually significantly overvalued.