Morgan Stanley: It’s A Bad Time To Be A Contrarian

It's a well-known fact that value investing tends to underperform in bull markets. As Seth Klarman wrote at the height of the dot-com bubble:

“ ... I must remind you that value investing is not designed to outperform in a bull market. In a bull market, anyone...can do well, often better than value investors. It is only in a bear market that the value investing discipline becomes especially important...it helps you find your bearings when reassuring landmarks are no longer visible …” -- Source . . .

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