Robert Gill, GoodreidWe believe the greatest investment opportunities tend to fall into one of two categories: reversion-to-the-mean and long-term quality compounders. The reversion-to-the-mean investment opportunities are names that have experienced pockets of structural inefficiencies which have negatively impacted share prices. Because shares have traded lower, this presents us with a buying opportunity with an embedded margin of safety at the time of purchase. Investors can benefit from owning the shares and simply having the share prices revert to their prior trading level. Usually, such investment opportunities pay impressive dividend income while waiting for that capital appreciation to materialize. Some of these more attractive opportunities are in infrastructure names with irreplaceable assets that boast what Warren Buffett refers to as “economic moats” in the form of insurmountable barriers-to-entry. Even better is that some of these companies compete within the comfortable confines of a cozy oligopoly which insulates the participants from any significant outside competition. Consequently, the competition remains both friendly and muted.