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Brandes on Value: The Independent Investor by Charles Brandes

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CHAPTER 17

MANAGING RISK AND DIVERSIFYING A PORTFOLIO

The markets are very inefficient, manic depressive and wrong a lot of the time.

—Charles Brandes, interview with BusinessWeek, 1995

In 2014, I had the privilege of addressing the Niagara Institutional Dialogue, an annual gathering of top Canada-based retirement plan leaders to exchange research, best practices, and new ideas.1 In the audience were some of the smartest institutional pension minds in North America, who are well aware of difficult markets and the challenges of delivering payment certainty. So I wasn’t surprised by the wave of fidgets I saw when I told them that they should add more risk to their portfolios.

“We need to embrace risk and not avoid it, particularly if we want to ...

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