Dear friends, Today, I'd like to delve into a fascinating topic - the concept of asymmetries in investing, a principle that extends well beyond the realm of finance and permeates various aspects of life, including business and personal finance. As value investors, our craft revolves around identifying and capitalizing on asymmetries. Imagine spotting a company we understand, one that we've carefully valued, only to find that its market cap significantly undershoots our estimations. We might wonder, "Is there something amiss with the management or the competitive moat? Everything appears favorable". It's in moments like these that we encounter the asymmetry. Benjamin Graham's personification of the market, the whimsical "Mr. Market", has simply decided to undervalue this company. Our decision to capitalize on this discrepancy hinges on our understanding of the business and whether it falls within our circle of competence.