The Best Investment Writing Volume 5: John Pease, GMO – Value: If Not Now, When?
The Meb Faber Show - Better Investing
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Value Outperforms the Market
Even if value were to remain as cheap as it is to day, we should expect the fact toout perform. We can see this by breaking out values relative returns into four pieces. Its fundamental undergrowth to the market, its yield advantage due to being cheap, profits from selling holdings that have become expensive and replacing them with cheaper securities, and changes in relative valuations.
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