A few takeaways from the conversation: ✅ In the long run, stock prices follow business results. ✅ While investors are focused on the latest AI stories, many high-quality businesses have quietly become much more attractive. ✅ These periods of excitement and pessimism are often when long-term opportunities are created. ✅ We’re continuing to find interesting ideas in places that aren’t getting much attention, including small-cap companies in Japan.
As Benjamin Graham famously said: “In the short run, the market is a voting machine. In the long run, it is a weighing machine.”.
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