Quarterly Updates

Brandes Quarterly Letter: Value Has Reliably Rebounded Over Time

As a deeply committed value manager, we fervently believe the principles of value investing are as immutable as the laws of nature.

We hold that, at least in the short term, emotionally driven human behavior—not necessarily logic—moves stock prices. At times, the patient investor is therefore presented with opportunities to buy potentially undervalued stocks: we don’t think this pattern will change. Even with quicker access to increasing information, reasonable people will differ in its interpretation; after careful analysis, some will be sellers and some will be buyers.