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    <lastmod>2026-01-13</lastmod>
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    <lastmod>2025-12-09</lastmod>
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    <loc>https://www.mayarcapital.com/blog/mayar-insights-nestle</loc>
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    <lastmod>2025-11-12</lastmod>
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    <lastmod>2025-10-07</lastmod>
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  <url>
    <loc>https://www.mayarcapital.com/blog/mayar-insights-ashtead-group</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-09-10</lastmod>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/mayar-insights-visa-inc</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-11-11</lastmod>
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  <url>
    <loc>https://www.mayarcapital.com/blog/vq99ybknrhnr21jk3nvwl7s5wmm7ne</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/electronic-arts-fifa</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/guide-to-value-investing</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
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      <image:title>Opinion - Our guide to quality value investing in 2023 - Make it stand out</image:title>
      <image:caption>Figure 1.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/vestas-wind-systems</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
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      <image:title>Opinion - Vestas Wind Systems: Not just hot air - Make it stand out</image:title>
      <image:caption>Figure 1.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/migrateful-christmas-party</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/452f08dc-0ac3-4948-948e-fa76ed08a1cd/1671452196592.jpg</image:loc>
      <image:title>Opinion - Giving back: A very Mayar Christmas&amp;nbsp; - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/mayar-is-fully-invested</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/c362d8e4-ea9c-4979-9f90-176d727fc2cb/always%2Bsomething%2Bto%2Bworry%2Babout.jfif</image:loc>
      <image:title>Opinion - Mayar Is Fully Invested - Make it stand out</image:title>
      <image:caption>Source: JPMorgan Private Bank, Mayar Capital</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/the-market-is-overvalued-except-where-it-isnt</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/dbd7d6d7-5369-41f5-82ae-f4c8ee72f351/The%2Bmarket%2Bis%2Bovervlaued.png</image:loc>
      <image:title>Opinion - The market is overvalued – except where it isn’t. - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/6458e059-70ab-462c-a47c-affb4d9806e0/Expected%2B10%2Byear%2Breturns.png</image:loc>
      <image:title>Opinion - The market is overvalued – except where it isn’t. - Make it stand out</image:title>
      <image:caption>Source: Research Affiliates, March 2021</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/a2a1525e-9c36-4467-9082-27a7931aa156/value%2Bto%2Bgrowth.png</image:loc>
      <image:title>Opinion - The market is overvalued – except where it isn’t. - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/6d3152b8-c986-43c1-9d89-c07a5683008c/Asset%2Ballocation.png</image:loc>
      <image:title>Opinion - The market is overvalued – except where it isn’t. - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/9080e1a5-e78b-4807-b2df-4355151e978a/Asset%2Ballocation.png%2B2.png</image:loc>
      <image:title>Opinion - The market is overvalued – except where it isn’t. - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/value-the-syle-that-has-been-out-of-fashiontime-for-a-revival</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/4b8118d1-f649-4b8e-a4c4-83d86990c540/Value%2BStyle.png</image:loc>
      <image:title>Opinion - Value: The style that has been out of fashion...time for a revival? - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/35e68e29-f57c-40bc-8cf9-2521b45978db/Investment%2BStrategy.png</image:loc>
      <image:title>Opinion - Value: The style that has been out of fashion...time for a revival? - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/mayar-predictions-for-2021-markets-will-be-up-down-or-flat-maybe</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/32aa4b9e-d44d-4b48-b8f6-61305c903e91/I%2Bdon%27t%2Bknow.jpg</image:loc>
      <image:title>Opinion - Mayar Predictions for 2021: Markets will be up, down or flat. Maybe. - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/katemayarcapitalcom</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/54f41181-b965-4aea-8015-42a3f1a1858f/Techy%2Btea%2Bparty.png</image:loc>
      <image:title>Opinion - Mayar Capital and the Techy Tea-Party! - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/hiring-a-coo-during-covid-19</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/how-do-you-make-working-from-homework</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/mayar-the-mayor-and-talking-esg-in-the-gcc</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/08d389a9-5297-40c7-a3be-733061398ef2/Kuwait%2Bphotos%2B1.jpg</image:loc>
      <image:title>Opinion - Mayar, The Mayor and Talking ESG in the GCC - Pictured: Mayar’s Marc Cox as part of the Lord Mayor’s Trade delegation to Kuwait</image:title>
      <image:caption>The take-off was little better. The sprint down the runway shook the plane from side to side and once in the air, introduced an up and down axis to the unwelcome movement.  In truth, it was probably only 45 seconds until we were clear of the winds and the rest of the flight passed without incident. The second source of nerves was in how to represent Mayar. Would it be wise to mention the phrase of the moment, ‘ESG’? Of course the ‘S’ and the ‘G’ element has a broad overlap with the principles of Islamic Finance. But how would the ‘E’ be received given that we were in one of the hydrocarbon producing centres of the world?</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/e17eeb55-b546-4454-b472-7d4fcb7f4d36/Kuwait%2Bphotos%2B2.jpg</image:loc>
      <image:title>Opinion - Mayar, The Mayor and Talking ESG in the GCC - Pictured: Salam Palace now restored as a museum and daybreak over Kuwait City</image:title>
      <image:caption>The reasons for the focus in Kuwait became clear. Although ‘ESG’ is relatively new label, the fundamentals underpinning its current popularity are not. ESG should be simply viewed as an exercise in diversification and risk mitigation.  The issue, reflected in the academic literature on the subject, is the perception that investors must choose to prioritise either purpose or profit. However, this view had been clouded by a lack of clarity of what ‘ESG’ investing actually is and compounded by a flawed approach. The issue of definition is one that is being addressed by index providers as well as ratings agencies and the rush to be first to market will inevitably lead to two or three accepted standards. The focus on reporting may to lead to the birth of an ESG Accounting industry.  The second issue is one of approach. Even with the focus on ESG, the approach is largely as a subset of a conventional portfolio. Viewed as restrictions, ethical criteria take an existing portfolio and slice away the ‘undesirable’ element to give a subset of the original portfolio, regardless of whether it is actively or passively managed.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/boring</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/15d1cce2-8e0c-422b-838f-16612574fc31/Boring.png</image:loc>
      <image:title>Opinion - Boring - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/blog-post-title-one-y3zs4-h3ea2-lpe78-34b5c-7n2zt</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/8b97f4d4-07e4-4309-96ba-97be9ce71f8b/China%2Blessons.png</image:loc>
      <image:title>Opinion - 13 Lessons from China - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/blog-post-title-one-y3zs4-h3ea2-lpe78-34b5c</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/e6afe656-72d4-4213-bf24-960c6bc86c8a/Mount%2BEverest.png</image:loc>
      <image:title>Opinion - Measuring Mount Everest: A Lesson For Investors From Behavioural Science - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/blog-post-title-one-y3zs4-h3ea2-lpe78</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/38b08ed8-a1bd-409a-8d8f-61d4603c165e/Duck.png</image:loc>
      <image:title>Opinion - The travails of high-profile Fund Managers - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/b02b5f36-389b-4e7a-8027-b439a23619a6/Chart.png</image:loc>
      <image:title>Opinion - The travails of high-profile Fund Managers - Make it stand out</image:title>
      <image:caption>Source: Mayar Capital - External Manager Portfolio - Forest Bridge (8)</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/blog-post-title-one-y3zs4-h3ea2</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/4cd2ca9c-3a8d-4f15-8bb2-f8388d7b8fee/Brand%2Bis%2BDead.png</image:loc>
      <image:title>Opinion - The Brand is Dead...Long Live the Brand - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/blog-post-title-one-y3zs4</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/blog-post-title-three-pn94y</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/blog-post-title-four-4b5h2</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/7df53732-e604-454c-8599-6a01b6ad366c/December%2B2018%2BMSCI%2BWorld%2BChart.png</image:loc>
      <image:title>Opinion - Santa Claus isn’t coming to Town…yet - While we never make specific forecasts of where overall equity markets are heading over the short term (and we don’t believe anyone can do that consistently), valuation is usually a good place to get a general steer on expected returns. Looking at the MSCI World Index, we observe the following: Valuations have come down substantially during the past 12 months with earnings increasing and stock prices falling. The MSCI World Index now trades at a trailing PE ratio of 16x, a 14% discount to its historical 20-year average of 18x (orange line in chart below). For comparison, in 2017 it was trading at more than 20x, well above average. More importantly, it is now very close to a one standard deviation level below the historical average (green line in below chart), which has been a good place to be buying in the past. Source: Bloomberg, December 2018</image:title>
      <image:caption>Source: Bloomberg, December 2018</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/afe6f2d0-1967-43c9-b04f-5bc0abd6383e/November%2B2018%2Bperformance.png</image:loc>
      <image:title>Opinion - Santa Claus isn’t coming to Town…yet - Mayar Fund Performance</image:title>
      <image:caption>Fund Inception 16 May 2011 Source: Apex, Mayar Capital, 30 November 2018</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/blog-post-title-two-ab94j</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-07</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6306413c1c33c22c6b08198d/719dfa52-0c33-4da9-aef6-184ddfa3b9cc/Active%2BFund%2BManagers%2Band%2BFund%2BManager%27s%2BActivity%2BAre%2BNot%2BThe%2BSame%2BQuote.jpg</image:loc>
      <image:title>Opinion - Active Fund Managers and Fund Manager’s Activity Are Not The Same</image:title>
      <image:caption>Mayar’s investment philosophy is built on the belief in the importance of a long-term investment horizon. We also believe that signal information is scarce and the opportunities to act to buy companies at sufficient discounts to their intrinsic value rare. As a result, our portfolio has a high active share but low share of activity. This helps in several ways. It's no secret that all costs cut into an investor's total returns and broker commissions are no different. More trades, mores costs, lower returns. Fewer trades, lower costs, higher returns. While trading on noise can be profitable in the short term, we believe investing on signal is the way to generate sustainable long-term outperformance.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/category/Mayar+Insights</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/category/Investing+lessons</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/category/Investing+mistakes</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/category/Stocks</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/category/Deep+Dives</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/category/Mayar+Life</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/category/Investment+Philosophy</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/blog/category/Mr.+Market</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/library</loc>
    <changefreq>daily</changefreq>
    <priority>0.75</priority>
    <lastmod>2023-06-23</lastmod>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/podcast</loc>
    <changefreq>daily</changefreq>
    <priority>0.75</priority>
    <lastmod>2024-10-28</lastmod>
  </url>
  <url>
    <loc>https://www.mayarcapital.com/podcast/majlis-amp-markets-hassan-jivraj</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-06-06</lastmod>
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