What does value investing really mean?
Q1 2021 hedge fund letters, conferences and more
Some investors might argue value investing means buying stocks trading at a discount to net asset value or book value.
This is the sort of value investing Benjamin Graham pioneered in the early 1920s and 1930s.
Other investors might argue value investing is buying stocks trading at a low price to earnings multiple or a lower valuation than the rest of their sector.
Some might also argue that stocks trading at a valuation that looks cheap on a discount cash flow analysis qualify as value investments.
But...
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