#19 The Value Investor
Behind the Balance Sheet
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Is Your Letter a Labor of Love?
In 2000, we were up north of 20 and then the next year the market was down 11 or 12. The letter was never public. We had at the outside of the firm, as any good value investor would, when the market declined a bunch in 2002, we made a lot of money. And all that was in the first two years of that three-year decline. In 2008, we were down half the decline in the market. Actually beat the market in 2009, despite having lost half on the decline. By the end of 2011, I had this notion that how you perceive value and how you perceive performance are very different. But we were up our stocks now, just their stocks
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