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Posted June 12, 2012
Value investing confirmed
It is like a condensed and updated version of the original book from 2003. It reads a little rough as sections jump around without much transition. But it communicates the bottom line: value strategy is the only one that works in all markets. It describes the principles of the value strategy and parallels the Buffet Way, even using Treasuries as the benchmark to measure all other investments. Compare real estate, commodities, stocks, bonds, and other instruments to assemble a non-correlated portfolio.
He adds the concept that it makes a difference when you buy. If market valuations are high when you buy, you won’t get the return you are looking for and shows how market go through long (secular) bull and bear markets lasting 17 yrs on avg. These long periods need to be considered when a person’s whole investment life may only be the last 20 yrs of their life before retirement. This can be a devastating reality that is not taught by anyone else. We are in the 12 year of a bear, so valuations will continue sideways and lower as they are still too high historically.
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Posted December 28, 2013