Pros and Cons of Being a Value Investor Anything is Possible, but Don’t Lose Sight of the Big Picture

The Lack of Investment Fundamentals During Chaotic Times

Baupost Group's Seth Klarman, in his most recent investor letter, described the recent tenor of the market perfectly: “The chaos is so extreme, the panic selling so urgent, that there is almost no possibility that sellers are acting on superior information; indeed, in situation after situation, it seems clear that investment fundamentals do not factor into their decision making at all.”