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Brandes on Value: The Independent Investor by Charles Brandes

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CHAPTER 1

HERE WE GO AGAIN

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The two most powerful warriors are patience and time.

—Leo Tolstoy

She was a soft-spoken senior auditor from the SEC making a routine visit to review my then 15-year-old asset management firm. Within minutes, she went into a frenetic panic.

“What is she yelling about?” asked an excited Glenn Carlson, the firm’s lead portfolio manager. “Did she find something sketchy in our files? Who is she calling? Are we in trouble?”

Her horror had nothing to do with our recordkeeping, which turned out to be fine. It was about her investment portfolio. The guy on the other end of the phone was her boss in Los Angeles, and he seemed ...

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