Thanks for this. I started reading this just to pass time and ended up reading the whole thing. Its an honest and refreshing account of a seasoned fund manager. Just goes to show how very difficult it is to stick to the philosophy of value investing, especially in today’s times where it is very easy to be influenced by the crazy over the top valuations people are willing to pay for unprofitable businesses, which are perennially bankrolled by VC money, in the hope of a fairytale turnaround in fortunes. Not everything can become an Amazon. It was also good to see that a conservative fund like theirs, see IEX as a long term value compounder and is among their their largest holdings.
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