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On Value in the Emerging Markets
By Advisor Perspectives
“Value” is an over-utilized term within the investment management industry. A wide range of fund managers employing disparate strategies claim to utilize “value disciplines” or to follow a “value approach.” In truth, there is no standardized definition for the notion of “value investing.” The progenitors of the value discipline, Benjamin Graham and David Dodd, never themselves used the term to describe their work.1 Instead, they explained an investment process that they believed to be both coherent and capable of producing attractive returns. A critical feature of the discipline was that it sought securities of a deeply discounted nature. Later, other investors sought to claim reference to Graham and Dodd’s work; they developed the term “value investing” as a means to describe their efforts.
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