Mm-hmm

...

they, they bust their butts, right? They read everything.

They build models.

They gather data.

They go to conferences.

They call everybody.

... difficult today?

What does this mean then, I suppose, within this cycle where the market is so focused on growth? Where are the value opportunities at the moment?

Well, I'll answer that question in one minute, but I'll also say that...

We get asked the question all the time.

How do you come into work every morning when nobody likes you? And the reality is that the performance of value investors in the last 10 years is not bad.

It's really the same as it's been over a longer period of time.

It just doesn't match the performance of the growth stock investors.

So it's not that something went wrong in value.

I mean, firstly, how does that work in practice?