The Cycle of Value Investing Is About to Turn

In 1999, it had been four years or so of me telling them stay away from these expensive internet stocks and them going straight up. Over the next three years, 2000, 2001, 2002, the market goes through a three-year baton death march bear market where it's down like 40 to 80%, depending on the index. And we were up, you know, 20% over those three years. So, yeah, I do think it cycles and the cycle will ultimately turn. It may be turning now because as much as I don't like to think about this things, the U.S. dollar does seem to play a factor in the efficacy of value investing.

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