The father of the value investing, Benjamin Graham has a famous allegory called Mr Market. Imagine that Mr Market is a partner of your business and he frequently offers to sell his share of the business or buy yours. Mr Market has a problem, his mood often swings dramatically. Sometimes the price he offers you is reasonable, but at other times, it is either very pessimist or optimistic depending on his mood.

Investing in Turkey  means dealing with a more volatile Mr Market.  Here, Mr Market’s mood swings are quicker, more frequent and more variable (because he lives in an emerging market), and as a result his offers wildly fluctuate between fear & greed. We try to base our decisions, on the valuation of the business, rather than his mood. By taking advantage of a more irrational Mr Market, we hope to create superior investment results for our investors in the long-run. After all, the more unreasonable the market’s behaviour, the greater the opportunity for the business-like investors.