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Managing Your Investors Is So Important
i don't believe, and i never have believed, that there's no such thing as a good active manager. In identifying people in advance who can out perform is very difficult. Value stocks tend to out perform over the long run, it's because they're risky. For any investor to be able to capture a premium return from any factor, you have to be there long enough to participate. I'm still a big admirer of the people at the longleaf funds southeastern asset management,. mason hawkins and staley kates. All these firm shave done really impressive work.