Overview of the funds

You don’t buy returns.  You buy a philosophy.  As important as performance may be, it never tells the whole story.
To really understand a manager, you need to dig deeper. How do they make decisions? What are their incentives? What are their values? How have they structured their firm?

As for the current market environment:  The argument I frequently hear is that some companies, in which KP’s funds invest and that are trading at low valuations may just stay cheap forever.  However, modern history shows that  high-quality businesses will not stay undervalued forever, regardless of geography. While there are (sometimes long) periods  during which certain high-quality companies remain underpriced, eventually such valuations always rise to reflect some normalized level, as long as the economics remain intact.