| In an organization that clearly needed lots of help, there was just one mandate: Make yourself valuable. |
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- John Neff |
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| A dazed and confused public has been persuaded that investing is easy and that stock prices only go up. |
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- John Neff |
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| As bull markets progress, prevailing wisdom becomes a drumbeat that drowns out the argument for a low p/e strategy. Ironically, the merits of low p/e ratios are most compelling amid the clamor for hot stocks and hot sectors, but that is when investors are least likely to listen. |
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- John Neff |
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| By failing to perform rigorous, fundamental analyses of companies, industries, or economic trends, investors become prospectors who only chase gold where everyone else is already looking. |
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- John Neff |
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| I have read a good bit lately that low-P/E investing, the hallmark of traditional value investing, is dead. During my four decades as a professional investor, including three of them as manager of the Vanguard Windsor Fund (until I retired in December 1995), this sentiment surfaced repeatedly. Once again, these dismal reports are greatly exaggerated. Lucrative opportunities still await patient investors who stick to enduring principles. New twists on value investing invite disappointment. |
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- John Neff |
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| I wasted no time in executing my investment philosophy. |
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- John Neff |
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| In most industries nowadays, five years is a long time for markets, prices and competition to develop. |
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- John Neff |
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| Let it be on record that my first market call as a professional investor was wrong. |
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- John Neff |
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| Low price-earnings investor describes succinctly and accurately the investment style that guided Windsor while I was in charge. |
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- John Neff |
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| Low-P/E investing is not a casualty of the latest new era. Far from it. Stock market excesses invariably lead investors toward what is currently fashionable. Signaling the end of trends gone too far, inflection points mark broad shifts in investor sentiment, from bullish to bearish. They hand low-P/E investors the chance to capture extraordinary gains, when worthy, out-of-favor stocks regain the market's attention. Another new era won't erase this enduring principle. |
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- John Neff |
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| No solitary measure or pair of measures should govern a decision to buy a stock. |
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- John Neff |
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| The goal is to find earnings growth capable of capturing the market's attention once the climate shifts. |
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- John Neff |
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