Our Thinking

Keep the tech bubble nightmares at bay

Technology stocks’ strong performance has left many investors wondering if history is repeating itself. They shouldn’t panic too fast; today’s tech leaders are fundamentally different than in the past and so is the dominance they wield.
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A contrarian look at US healthcare

Our investment approach requires in-depth knowledge of companies—and industries. In US healthcare, we’ve found that investor fears about regulation and competition can often create attractive long-term opportunities.
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Two myths about emerging market equities

We consider two reasons commonly cited for avoiding emerging market equities—that they underperform when US interest rates rise and during developed world bear markets—and find that neither is substantiated. Clinging to these beliefs may cause investors to miss out on attractive long-term investment opportunities.
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The only investment mistake you can't come back from

As we enter the ninth year of a bull market, attractive opportunities are challenging to find and carefully avoiding capital loss may be the name-of-the-game for long-term investors.
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Hunting for value in unpopular neighbourhoods

The most popular neighbourhoods are currently in the US and in the least economically sensitive sectors. We have found greater fundamental value elsewhere; an example is the financial sector, where selected non-US bank stocks trade at depressed levels.
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Stewardship: being a responsible shareholder

Doing right by our clients is not only about the investments we select, but also about how we act as stewards of their capital.
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For better equity returns, focus on valuations—not growth

Equity investors should stay focused on valuations, even when GDP numbers dominate the headlines.
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President's Letter 2016

2016 was a good year for Orbis clients. The Orbis Funds outperformed their benchmarks by an asset-weighted 7.6% after all fees and expenses.
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Putting the value run in perspective

Value shares' outperformance this year should be considered against the backdrop of an unusually painful decade.
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Passive investing is not risk-free

The rise of passive investing has brought benefits for investors, but it has coincided with high levels of market trending that could create risks for index investors.
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