…focus on microanalysis instead of macro forecasting.

Correctly forecasting macroeconomic events is tough. In fact, we do not know anyone who can do it consistently. From the thousands of microeconomic situations in the world, we choose those in which our analysis can make a difference. We understand that at times the macroeconomic environment will take control, and we remain patient in these times. As long as we are right on the micro events, we are fine with disciplined inactivity in times of macroeconomic uncertainty.