Investment Philosophy
Why Value Works
The evidence says value works. Here is what it takes to capture it - the temperament, the traps to avoid, the disciplines that protect you, and how to construct a portfolio that survives the messy reality of markets.
The distribution of value outcomes
Value stocks outperform over the long run, but the distribution of their outcomes is wide and skewed. This is essential context: value comes with both higher expected returns and higher failure rates.
Value works on average, but not every value stock works. The opportunity exists precisely because the distribution is messy.
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