• Markets are generally efficient in the long term, but there are short-term inefficiencies that can be exploited;
  • The degree of market efficiency varies across asset classes, sectors and geographies at different points in time;
  • Markets are cyclical;
  • No single manager can consistently outperform the market;
  • Managers subscribe to different philosophies and have different styles which make them perform differently under different market environments;
  • Over time, specialist managers outperform generalists more often than not.