One of the things we treasure most about our strategy is its flexibility. When we believe our opportunity set is expensive, we aren’t required to remain fully invested. As we like to say, “Why overpay if you don’t have to?” We also have flexibility when it comes to sector weights. When a sector is expensive, such as technology in 1999 or financials in 2006, we are not mandated to have exposure. Conversely, when a sector is out of favor, such as precious metal miners in 2015 and energy in 2020, we are not constrained by sector limits from taking an above average position….

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