The Contrarian Investor: A return to classic value investing

A return to classic value investing

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A quarterly update last week from Gary Channon at Phoenix Asset Management got me musing on the changing nature of value investing.

I have mentioned Channon before, largely because he is probably the closest thing we have in the UK to a Warren Buffet-style value investor. A couple of recent transactions by Channon's UK fund have major implications for all those managers versed in value investing. The bottom line? You will have to work even harder to find value opportunities – simply using a few quant screens and hoping you will strike it lucky with your stock picks just won't wash anymore. To understand the quandary in which many value fund managers find themselves, track down a fantastic note by US value investor...

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