How can value investors, who seek to buy stocks at depressed prices, prevail in a financial world dominated by market-matching index funds?
That’s the main question posed by Seth Klarman, chief executive of the Baupost Group, the $32 billion hedge-fund group, in his 2017 year-end letter to shareholders.
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This article was originally published on The Wall Street Journal.
Further reading
Jason Zweig, Your Money and Your Brain
Jason Zweig, The Devil’s Financial Dictionary
Benjamin Graham, The Intelligent Investor
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