Finding faith in value after all these years
from CFA Institute Enterprising Investor
From July 18
: “I want you to remember this: Whenever you see something with the phrase ‘new valuation paradigm,’ run.” That was some of the earliest investment advice from my dad that I can remember. It was easy to adhere to back then: I was managing a portfolio of Pokemon cards. Later, in 2007, my boss at Oppenheimer & Company turned me on to the writings of Jeremy Grantham. After reading how Grantham’s investors abandoned him in 2000 and again in 2007, I promised myself the next time Grantham, Mayo, Van Otterloo & Co. (GMO) experienced comparable outflows, I would reevaluate my strategy.
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