After the extraordinary performance of 2020, global stock and bond markets both appear unusually expensive. From this starting point, long-term returns for broad market exposure appear low, and risk appears high. But the gap between fundamentally cheap and expensive shares is also exceptionally wide, creating opportunities for active investors. During a recent webinar, Alec Cutler and Matthew Spencer from our offshore partner, Orbis, took us on a tour of the Orbis Global Balanced Fund. They discussed the pockets of opportunity and holdings they are most enthusiastic about as they shared insight into how the Fund is being positioned in the current environment. Watch the 58-minute recording below and here are the presentation slides.