Quality investing: Holding conviction when markets test investors

Quality investing, the approach of investing in businesses with durable fundamentals that allow them to compound value over the long term, has always been a long-term investment journey. As part of that journey, however, there will be inevitable bumps in the road. Because, even when investors own high-quality businesses with strong balance sheets and durable competitive advantages, markets can sometimes favour other names, themes or styles. Knowing this doesn't make underperformance any less palatable. In fact, investors who focus on the quality investment style have no doubt had thei...