Despite the enormity of the task, our belief, based on historical evidence and personal experience, is that there are situations in which the market misprices assets, and that it is possible for sensible investment managers to exploit these mispricings. This requires an approach and mindset that is, by definition, different to that of most other market participants – some would call it contrarian. But this does not mean being contrarian for its own sake – public markets are by and large very good at pricing assets accurately. Only in the rare instances where true mispricings occur is a contrarian stance justified – and necessary.