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Brandes on Value: The Independent Investor by Charles Brandes

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CHAPTER 12

STAYING ON TARGET:INVESTIGATING INVESTOR BEHAVIOR

Market knowledge and experience are essential. But having insight into investor behavior and how it is influencing the value of companies is empowering.

—Charles Brandes, in an interview with Australian Financial Digest, 2011

Investors have long demonstrated a strong penchant for using their hearts rather than their heads. In Security Analysis, Ben Graham and David Dodd introduced the term “the investment fraternity” to refer to people who are motivated “as much by eagerness for quick profits as they are by ignorance and by lack of interest in the fundamentals of security values.”1 In his follow-up book 15 years later, Graham admitted that he did not choose Intelligent Investor for ...

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