When we search global markets for macro and thematic ideas, we try to be as unconstrained and objective as possible.
This is probably no surprise but neither of these come especially easy to human beings, and we are no exception.
However, we do think carefully about some of the typical behavioural pitfalls for investors and we try to be as self-aware as possible.
These biases can show up right across the investment process, from idea generation and scaling positions, to sell disciplines.
For example, one bias that impacts global investors is something known as "home bias", a phenomenon where investors tend to consistently prefer their home market, partly driven by the better-the-devil-you-know rationale.
It is also tied into the concept of exceptionalism, the idea that your country is inherently different and superior to other countries, something that no doubt impacts many investors.
Whatever the underlying drivers, research consistently shows that investors with global mandates have a preference for their home market, even in countries where the domestic market does not provide diversity by underlying geographic exposure and/or sector.
We are well aware of this bias and are of course not immune to it but, as unconstrained and pragmatic investors, we have had minimal exposure to UK equities for extended periods in the past, as we have now.
That is not to say we are always right to allocate away, or to, the UK, but it is proof that we avoid structural exposure to the home market, even though the UK can provide exposure to significant international profit streams.
One of the ways we try to avoid cognitive biases is to focus on the data, rather than the headlines and emotional narrative.
However, here again, it is not straight forward, as you can fall into other cognitive bias traps.
There is rarely a single data series, or single piece of research, and we are all exposed to "confirmation bias", where we seek out or interpret data that confirms a previously held view.
This is a major challenge, even for those genuinely looking to make evidence-based decisions. We have seen it amplified through social media, and the proverbial echo chamber, and we have seen it over recent months during the coronavirus crisis, where politicians, journalists, are indeed most of us, select data that suits our view. We also saw it during the Brexit debate, in spades.
Looking at UK assets right now, for example, you can quickly get tied up in the debate as to how well the UK has handled the coronavirus crisis from a health, sociological or economic perspective, or indeed what Brexit actually means.
You can point to well respected data such as UK excess deaths versus peers, or UK Q2 GDP versus peers, and they all look poor for the UK.
For other investors there are extenuating circumstances, the impact of different methodologies, preferable data sets, and so on.