Value investing often means looking past near-term problems to determine whether a company is temporarily impaired or permanently damaged. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Amit Wadhwaney, co-founding partner of Moerus Capital Management and portfolio manager of the Moerus Worldwide Value Fund (MOWIX), about an asset-based approach to global deep-value investing. They discuss why Wadhwaney focuses on conservatively estimated asset values, balance-sheet strength and survivability rather than projected earnings, and how he distinguishes temporary adversity from permanent impairment. They explore how market dislocations across companies, industries and countries create opportunities, why being macro-aware differs from making macroeconomic forecasts, and how overlooked assets can drive returns. The conversation also examines why risk should be understood as permanent loss of business value rather than short-term market volatility. Recorded Aug. 4.