The Four Worst Trades

When you go outside of your zone of excellence, which for us is largely sectoral and geographic, you start to have really tough outcomes. As a firm, we started investing in the Middle East four years ago. We first came to the market, we actually followed other blue chip names. And those were some of our worst investments in the region. But as soon as we took time to build out our own theme, to understand the market deeply and make our own investments that had no correlation with the rest of the market,. we started outperforming the market. The more that we trust our own instincts and kind of go against the grain and underwrite these transactions wholly because of what we believe about