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Brandes on Value: The Independent Investor by Charles Brandes

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CHAPTER 14

STAYING ACTIVE:THE STOCK PICKER’S EDGE IN A PASSIVE WORLD

You can’t use the value approach without patience. And patience isn’t something you find on the floor of the New York Stock Exchange.

—Charles Brandes, in an interview with the Robb Report, September 1986

It’s an understatement to say that indexing has become an extremely popular way to invest. However, if assets under management are a worthy gauge, indexing still hasn’t caught up with active strategies by any stretch of the imagination. At year-end 2013, index equity mutual funds held just an 18 percent share of the $17 trillion in assets under management throughout the industry.1

Indexing got its start in August of 1976, when John Bogle inaugurated his Vanguard 500 Index mutual ...

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