During a period that has seen the worst stock market performance since the Great Depression, value managers should have found pickings galore. Instead, some of the most revered names in value investing- such as Bill Miller of Legg Mason Value Trust, Martin Whitman of Third Avenue Management and former AllianceBernstein CEO Lewis Sanders-stumbled headlong into a massive value trap over the past year and a half. Many of these investors piled into seemingly cheap financial stocks, only to see those shares get hammered rather than rebound smartly, as they had in previous downturns.
展开▼
