"We still believe there is a future for [statistical factor] value investing; sadly, the future is unlikely to arrive fast enough - for us."
"Russell 1000 Value index is down 8% year-to-date, while Russell 1000 Growth index has gained 30%." reuters.com/article/us-fun…
"Russell 1000 Value index is down 8% year-to-date, while Russell 1000 Growth index has gained 30%." reuters.com/article/us-fun…
As for "value as an analytical style" instead of as "a statistical factor" Charlie Munger says: "There are various ways to look for value investments just as there are various places to fish and the first rule of fishing is to fish where the fish are."
Charlie Munger: "It's harder to find easy value investments because the world is so competitive. That accounts for a lot of what you see in Berkshire where we buy securities like Apple we wouldn't have bought in the old days when we purchased more mundane things."
Charlie Munger: "Who wouldn't like buying something for less than it's worth? ... The idea with Apple then is that there is value there that's unrecognized by the market, which is a different kind of value investing. As the world gets tougher you have to fish [in new places]."
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