The Importance of Factor Investing

QVal and Ival are focused on buying cheap stocks that have some semblance of quality. They do it in a concentrated manner without really worrying about how it looks relative to the S&P. But we don't sell it as like, Hey, you're going to beat the market every day, every week, every year, even every five years,. It's more of a Hey, if you have a 2030 or horizon, and you want to follow like a discipline process delivered low cost tax efficient, that's what we're doing.