Each year, members of the Mont Pelerin Society, all of whom are political and economic experts, come together from around the world. I’ve been attending the group’s meetings since I was invited by Milton Friedman in 1988 — 30 years ago. That gathering was in Tokyo, and I’ve been a member since 2002. This year’s gathering was in the Canary’s Islands
The morning breakfast panel at this year’s event featured a discussion on value investing and the Austrian theory of the business cycle. During this panel, I made two central points:
First, value investing — buying stocks that are undervalued compared to other stocks — is a good long-term strategy, but one that requires patience. Often, the price of an undervalued stock can go lower before it goes higher.
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