In his now out-of-print book, Margin of Safety: Risk-averse Value Investing Strategies for the Thoughtful Investor, Seth Klarman opined that value investing could be a “very lonely undertaking.”
He went on to add that value investors may often experience “poor, even horrendous” performance compared to the rest of the market at times.
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However, in the long run, “the value approach works so successfully that few, if any, advocates of the philosophy ever abandon it.”
Q2 2023 hedge fund letters, conferences and more
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