Buy the Money Manager not the Stock International Stocks Have Closed the Valuation Gap

Non-U.S. Markets vs. U.S. Markets

From day one we've had a significant portion of our assets invested outside the United States – it's currently about 30% 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. In an ideal world, I'd like to be more selective in the U.S. and take advantage of more opportunities outside the U.S.