We tend to be less invested in areas in which there’s less differentiation between the winners and the losers and in which results are more macro-driven than company-specific. We typically do not have significant investments in utilities or REITs, for example.

From day one we’ve had a significant portion of our assets invested outside the U.S. it’s currently about 30 percent of our gross exposure. This is probably too broad a generalization, but in our view non-U.S. markets tend to be less efficient than the U.S. market. If you look at our core opportunity set, which [...]