Panel Discussion Emphasizes Appeal of Value Investing

Abstract

In early April 2016, the Brandes Institute hosted a Value Thought Leadership Summit in New York. The program featured a panel discussion on value investing that included:

-Michael van Biema (Founder and Managing Principal, van Biema Value Partners) -Charles Brandes (Founder and Chairman, Brandes Investment Partners) -John D. Spears (Managing Director, Tweedy, Browne)

In short, the panelists underscored their conviction in the benefits of the value approach. They acknowledged value stocks' recent struggles, but pointed to the philosophy's rational comparison of business value and stock price. They also stressed the need to think and act differently than most investors to generate market-beating returns and how behavioral biases continue to create opportunities for long-term investors.

The nearly 2-hour discussion, moderated by Brandes Institute Manager Bob Schmidt, included a number of multiple-choice polling questions posed to the nearly 100 institutional and private client investors and consultants who attended. Here are highlights from the conversation, select questions from attendees and panelist responses, and results from a couple of the polling questions.

Keywords: value, investing, michael van biema, charles brandes, john d. spears