Guild’s philosophy is to seek value, and invest with a global view. Guild believes that having this perspective is essential to understanding the macroeconomic trends, changes, and relationships that create investment opportunities. Thorough research and a disciplined analysis of returns and risks increase long-term success. In our portfolio management, we weigh the relevant pieces of information, estimate the risks of the unexpected, anticipate change, and then make judgments based on the odds, with the knowledge that success is never guaranteed. Uncertainty is an unavoidable part of investing, and it is naïve to believe that it can be eliminated. Having the flexibility to concentrate when opportunities are present, and to reduce exposure when risks dictate caution, has been a key to our success.