John Baron's Investment Trust Portfolio 

Patience is usually a virtue

Patience is usually a virtue

An investor needs to be a contrarian in order to outperform markets. As Sir John Templeton once said: "It is impossible to produce superior performance unless you do something different from the majority." Any disconnect between sentiment and fundamentals usually stands a better chance of being identified if time is not a constraint. For the stock market can indeed very easily become a mechanism for the transfer of wealth from the impatient to the patient. And this is again relevant when considering the case for emerging markets.

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