We in Setanta Asset Management do not believe the market is efficient. Our aim is to purchase and own assets at a price below a reasonable assessment of their worth. This is where we focus our resources. Our process is akin to assessing a part ownership of a business rather than trading a security. This assessment of value must always encompass a thorough understanding of where this value is derived. We have a long term investment horizon and risk management is always central. We regard risk as the potential for permanent impairment of value. Integrity is a key tenet of our professional DNA and we embrace a culture of continued learning.
We don’t have any particularly strong views on Trump as President, though for choice we don’t view his election as good news. That said, we didn’t think he would win in the first place, so our views on this – or indeed any such macro events – should be taken lightly. Do not take this to mean a lack of effort or ability on our part. Rather, it is that we know what we are good at and consequently where we should and shouldn’t concentrate our efforts.