In investing, you can never hide from your results. James learned this lesson early on when he was participating in stock market competitions during university. James’ appreciation for a long-term, value-based approach to investing was cemented during these competitions as short-term performance was often uncorrelated to the quality or depth of research. For James, one of the most fascinating aspects of fixed income investing is examining the unique risks and characteristics of debt securities alongside company and industry analysis. While company fundamentals, and not macro-events, are the foundation of Burgundy’s investment theses, the close link between macroeconomic conditions and bond prices adds a welcome layer of analysis to the fixed income investing process.