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" ... Lennard Zwart: The US market is obviously very richly valued and we are not very comfortable with the political and structural issues in Europe. At the same time we do not want to venture outside of our circle of competence (in terms of the country risks and accounting standards that we know). The upshot is that we hold a decent amount of cash and we concentrate our investments on very high margin of safety stocks in terms of asset values and stability of cash flows. These stocks tend to be small to midcaps at the moment. We also focus on complex special situations (spinoffs, regulatory changes, liquidations etc.). This strategy provides a decent level of relatively uncorrelated returns while we eagerly await the next bout of turbulence. ... "