Buying Assets for Less Than They're Worth

The active manager's goal is to find the exceptions. In other words, when you can buy things for less than they are worth. If one achieves a good success through his or her actions, the other one made a mistake. It's as simple as that. I mean, the efficient market hypothesis, everything's priced fairly to return a fair risk adjusted return. The challenge is that it requires thecpe ation of some one who's willing to sell assets forLess than they're worth.