Right now, I think many investors are spending too much time focusing on whether a recession is imminent and how many more interest rate rises are likely before the Reserve Bank of Australia (RBA) taps out.

Over the years, there has been some confusion about our approach to value investing. And even though a majority of my 2010 book, Value. able discussed the importance of identifying quality businesses, which included a company’s bright prospects for growth, many investors and commentators have been fixated on the value component of the philosophy.