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 he generously shares it here, supported by analysis, back testing, and memorable stories of investments gone well or awry.

The simple style of presenting the value strategy and how to apply it in any type of market will convert many who doubt its success into believers.