ECP | Luxemburg, 21.02.2020
In my career as a stock-picker and value investor, I considered dispersion as my friend. The higher the dispersion of stock prices and valuations, the more opportunities are available for the long-term investors chasing bargains of solid companies at momentarily depressed valuations. The foundations of value investing Benjamin Graham laid down in the beginning of the 30’s of last century has been a very successful strategy up to the financial crisis02. Since, his strategy unfortunately became much less fruitful with value companies underperforming their growth counterparts by a large margin year after year.
Mit freundlichen Grüssen aus Luxembourg
Léon Kirch, CIO & Partner
