In spite of the undeniably impressive track record of many trend following funds, most investors are more at home with the idea of value investing. Value investing is intuitively appealing: we all like the idea of buying something when it’s inexpensive and selling it when overvalued. To boot, value investing counts Warren Buffett and Benjamin Graham as its proponents, arguably two among the most successful investment managers ever. However, a more careful analysis of Graham’s as well as Buffett’s writings and investments turns up a big surprise… Delving into this subject, below is an excerpt from my recently published book, “Mastering Uncertainty in Commodities Trading” Continue reading →