According to Seth Klarman: "here is the bad news about value investing: value investing itself has never been more popular. Fans of Warren Buffett now fill a sports stadium when they flock to Omaha in May for the Berkshire Hathaway annual meeting. Russell value stocks have outperformed Russell growth stocks for six consecutive years. Now opportunity is scarce;" What about the good news: "We live in a world where nearly every professional investor, bull and bear alike, is fully invested, with many more than fully invested through the use of leverage. Most feel enormous pressure to act - in order to justify their management fees and to produce good relative performance. Many have stretched to keep their capital at work. This means that the competition for investments may greatly diminish just when better bargains are at hand."
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