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Brandes on Value: The Independent Investor by Charles Brandes

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CHAPTER 16

VALUE INVESTING IN THE BOND WORLD

All experienced investors recognize that the margin-of-safety concept is essential to the choice of sound bonds and preferred stocks.

—Benjamin Graham1

When PIMCO’s Mohamed El-Erian abruptly left his post as second in command in 2014, it raised more than a few eyebrows. It wasn’t just the fact that the heir apparent to Bill Gross, the company’s founder and president, had walked away from the $2 trillion house that bonds built. After all, financial leaders seek new challenges all the time. But El-Erian’s unexpected and no-excuses departure—and Bill Gross’ abrupt resignation and move to a competitor a few months later—couldn’t help but be taken the wrong way. That is, if the stewards of the largest bond ...

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