Glenn Greenberg is possibly one of the most underappreciated value investors of the last century. Despite being relatively unknown outside value circles, his performance record was better than that of Warren Buffett for more than two decades.
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Greenberg and his partner, John Shapiro founded Chieftain Capital Management during 1984. From 1984 through 2000, Chieftain achieved a compounded annual growth rate of 25% on its investments before fees. The S&P 500 produced a return of 16% over the same period. Annual returns through 2010 were 18%, after which the firm split into two entities as a result of conflict among partners.
Back in November 1987, just after the October crash that still haunts the market to this day, Barron’s published an interview...