,
3 tweets,
1 min read
Read on Twitter
JEFF UBBEN: "The long bond at 2% for this long has created a market that seems to be difficult for value investors. There’s always a worry about the next cycle and high-quality businesses can kind of revalue higher and higher because they’re treated as bond substitutes."
When Jeff Ubben says "value investing" he means buying shares in high quality businesses at a discount to intrinsic value in the style of Charlie Munger NOT "value" as a statistical factor as applied in an index fund. The two styles share the word "value" but are very different.
When someone says "value investing" the first question to ask is: are you talking about (1) value as an analytical style in valuing a partial stake in an individual business or (2) value as a statistical factor as applied in an index fund. They aren't remotely the same.
