By definition, a true value investor is primarily focused on the weathering the bear market storms and coming out relatively unscathed. In times of market advance, a lot of people get mistaken for investment geniuses when in fact it's the rising tide that's moving them up in the world.
Bear markets on the other hand, expose the intelligent investor from the fly by night speculator. My approach and the ultimate purpose of value investing is outperforming bear markets.
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