Like any self-respecting value investor, Robert Kleinschmidt loves a bit of bad news—the kind that cuts the legs out from under a stock so he can buy it cheap. He fondly calls the stocks in his $60 million Tocqueville Fund "black-and-blue chips." The fund itself has suffered, relatively speaking, along with other value-oriented funds, gaining an annual 14% over the past ten years. That's about five points behind the growthy, pricey s&p 500.
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