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Value Investing: From Graham to Buffett and Beyond

Value Investing: From Graham to Buffett and Beyond

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We began to write the first edition of this book in February of 1999, almost 17 years into the longest bull market in American history. It was hard then to find an experienced value investor who did not think that share prices were unrealistically expensive. At that time, Alan Greenspan's "irrational exuberance" speech was over two years old. The major casualties of the exuberance had been a number of value-oriented money managers who lost their jobs because of poor relative performance. In the spring of 1999, Institutional Investor published a cover with the headline, "Value Investing: Can It Rise from the Ashes?" The New York Times was even more mordant, asking "What's Killing the Value Managers?" The answer was poor performance when compared to the growth-funds managers, who had beaten their value brethren by hefty margins in the past 12 months.