The Brandes investment team is vigilant for what it regards as market mispricings, which illuminate the difference between the perceived value of a company (market price) and what we believe it is really worth when subject to closer scrutiny (intrinsic value). When emotions run high and short-term perspectives dominate, it’s common for the market to miss the hidden long-term potential of some companies. For the investor that remains calm and focused on the long-term, such market “noise” can be an ally since it can create the opportunity for our investment professionals to buy businesses for less than what we believe they are worth.