We believe in the power of the markets to deliver positive long-term returns that lead to wealth accumulation. For the equities market, in particular, we believe that public markets exhibit efficient characteristics over the long term. For the individual investor, it is thus not desirable to try to forecast or outguess other market participants. We focus our efforts on building data-driven portfolios to get broad market exposure with a tilt towards characteristics that have been proven to capture premiums undervalued by the equities markets. We believe in creating diversified investment portfolios which generate the highest possible expected return for every level of risk taken by an investor. For Endowus this means continuously searching the investment universe for products that will improve risk-return tradeoff in our portfolios. We understand that fees dramatically affect long-term returns, and endeavour to continuously lower fees for our customers by leveraging our collective scale to create cost synergies.