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Oscar Wilde defined a cynic as somebody who knew the price of everything and the value of nothing.

And I wonder in the tsunami of passive investing, whether in fact

it's created a feast for the diligent value hunters. Feast or famine? I don't know, but that's actually

a really good quote because I don't think it describes the value investors, but I think it describes

the vast majority of market participants.

First of all, thank you guys for having me. I was flattered to get the invitation, and I was a little

startled to realize that there's still value investors left. There you are. This is really,

really wonderful. I was glad we're not at the Natural History Museum or

something with the dinosaurs. I've made the comment before that the value investing industry has

had irreparable damage. It's unlikely to recover in a material way. But the corollary of that is that

value investing for those that remain, I think, is an extraordinarily

exciting time. The key is to recognize how the landscape has changed and not continue trying to

do things the old way that aren't going to work in the current market structure, but

are much more likely to work that are opportunities that are created from, I would call it,

the defects and the opportunities that are created by the new market structure.

Let me explain the way that I would tend to have looked at things a long time ago, which is,

our business was

...