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Book review: The case for long-term value investing

THE bright yellow dust jacket of Jim Cullen's The Case for Long-Term Value Investing suggests either caution or sunshine. On the cautious side, investors acknowledge that market-exposed assets lost value in 2022 and question whether they ought to liquidate and run for the hills or follow a discipline that will fulfil investment objectives over the long haul. On the sunny side, Cullen proposes a discipline that should produce satisfactory risk- and inflation-adjusted returns over a five-year period, if not much longer.

Cullen is a rare author among contemporary active asset managers, with a career of 60 years in investment management. His lifetime provides a scale of experience that few have, and...

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