This article is excerpted from a letter by MOI Global instructor Mark Walker, Managing Partner at Tollymore Investment Partners, based in London.

Tollymore is in the business of applying logic to anomalies. Our goal is to identify mispricings that are afforded to us as long-term investors, and to exercise sound judgment when we encounter potential opportunities. The application of logic comes in the form of having the temperament, working environment and investor base to see the bigger picture. And to use noise to our advantage in lowering our cost of business ownership when appropriate, and therefore the rates of return we can enjoy as owners of publicly listed businesses. We describe below two recent examples of investment decision making under conditions of uncertainty. In both cases we used our advantage as a long-term owner to acquire more shares of materially mispriced businesses at cheaper prices. We do not direct efforts to distilling the market’s ‘thoughts’ into a concise narrative. The complexity and reflexivity of financial markets renders this a low ROI pursuit. However, in the following examples it is our view that price action was at odds with the fundamental development of the companies’ long-term economic prospects.

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Disclaimer: The contents of this document are communicated by, and the property of, Tollymore Investment Partners LLP. Tollymore Investment Partners LLP is an appointed representative of Eschler Asset Management LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”). The information and opinions contained in this document are subject to updating and verification and may be subject to amendment. No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained in this document by Tollymore Investment Partners LLP or its directors. No liability is accepted by such persons for the accuracy or completeness of any information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained in this document. The information contained in this document is strictly confidential. The value of investments and any income generated may go down as well as up and is not guaranteed. Past performance is not necessarily a guide to future performance.