For those new to the site, my argument is that a
systematic application of the
deep value methodologies like Benjamin Graham's liquidation strategy (for example, as applied in Oppenheimer's Ben Graham's Net Current Asset
Values: A Performance Update) or a low price - to - book strategy (as described in Lakonishok, Shleifer, and Vishny's Contrarian
Investment, Extrapolation and Risk) can lead to exceptional long - term investment returns
Investment, Extrapolation and Risk) can lead to exceptional long - term
investment returns
investment returns in a fund.