CHAPTER 3

THE VALUE PEDIGREE AND THE REWARDS OF VALUE INVESTING

An extreme focus on the principles of value investing is the reason I was successful and am still in this business. I was able to focus, despite the noise all around me, because I knew and saw how value comes out better in the end.

—Charles Brandes, in an interview with The Edge Singapore, March 2014

In the whirl of Wall Street, there are strong winners and big losers, and the majority of participants are stuck in a perpetual toggle between the two camps. Meanwhile, over the last half-century, a relatively quiet group of likeminded investors has been achieving superior results, watching its portfolios grow, taking some profits, and working to manage risk over the long term.

How did ...

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