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2016 First Quarter Commentary

For printable version which includes all graphs and tables, please click here.​​​​ Which Comes First – The Chicken or the Egg? Many times throughout our careers, we have been asked why we are value investors. Our short answer has typically been, “Because it works.” Why does it work? Because in the long run, market prices ultimately come to reflect the fundamentals of businesses. This does not mean that value investing is easy, however. As Rob Arnott of Research Affiliates recently said, “Buying out of favor investments is darned uncomfortable.” If it were easy to do, everyone would do it and the results from value investing would decline. As has been said, one doesn’t get into value investin

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