sclarksons

@VIC: Top Hedge Fund Picks

know your information provider.

Pzena is a statistical analyst, his system works as a diversified system, but you copycat single positions at your own risk.

Tom Brown's banking picks assumed the survival of the banking system. (bad assumption)

other value guys have more mid sized circles of competence than RP and TB.

What this cycle has proven is that you disregard Ackman and other smart value investors at your own risk.

I've made a moldy 15% annualized in BRK with purchases when it was cheap in 2005 and 2007.

It's been cheap this year too.

I'd take a bubble in value over a "confirmed trend" any day.

Value investors lose out early in the decline as cheap gets cheaper, and make money through the trough and into the next cycle.

If you lose less into the trough, you make more over all.

It all comes down to price and value. if you don't get that, give your money to someone who does.