What We Value

What exactly is "value investing" and why don't more people do it?

A walk down any supermarket aisle makes it clear we live in a world of increasing product specialization. To break into a new market or grab more of an existing one, companies launch a dizzying array of new products in ever-more-specific categories. Want your soda with more caffeine or less? You've got it. More sugar? Less sugar? Six ounces, 10 ounces, 20 ounces? Whatever you like.

This trend has not been lost on marketers of investments. Specialized mutual funds and exchange-traded funds cover almost every imaginable combination of manager style, geographic reach, capitalization size and sector expertise. If you're looking for a mid-cap growth fund focused on the so-called BRIC countries (Brazil, Russia, India and China), you'll surely find it.

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Whitney Tilson
Contributing Editor, Kiplinger's Personal Finance