13. After Markets Collide: The Next Twenty Years

The start of a new age can be confusing, and it’s often heralded not by grand pronouncements but by peculiar headlines. I challenge you to look at the Wall Street Journal on any given day and not notice a story or deal that strikes you as odd. Something you just wouldn’t have seen 10 years ago. A Chinese state-owned company is trying to buy Unocal? Indian Reliance is buying U.S. shale assets? Tom Barrack is buying the largest movie theater chain in Turkey? In ways large and small, a new investment landscape has arrived. And this is posing serious questions for value investors.

I never had the opportunity to meet Ben Graham, and I have taken quite a few liberties in using his work as a framework ...

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