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The Role of Value in Investing
Long value is essentially akin to short vol. How does that work? Well, so it's actually the exact same insights that we've had on passive, right? I'm trying to understand what are the rules, what are the dynamics that somebody is putting in place when they choose a strategy. And slowly over 10 years, everybody started shorting volatility and nobody wanted to tail hedge anymore. It's just fascinating that I see fantastic managers that maybe not had a good three or five years, but it looks like it's probably the time to give those guys some money.