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Brandes on Value: The Independent Investor by Charles Brandes

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Forging My Value Mindset and Grasping the Baton

I believe this is an excellent time to launch an enterprise of this sort.

—Benjamin Graham, in a personal letter to Charles Brandes, March 1,

Fundamental Roots

It’s difficult to describe in just a few words the sea change that the country was experiencing in 1968, the year I started in financial services. Suffice it to say that the American political, social, and economic scenes were all in a constant state of flux and uncertainty.

That was the last year of the “Go-Go Era,” and the U.S. market then began a steady 36 percent descent over the next three years. From late 1968 to 1970 alone, the Dow fell 906 points to 753, some 45 percent. That was scary for everyone, let alone a newbie. To make matters ...

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