Ari Levy
speaker
238 appearances
1 recordings
1 series
first heard Feb 2026
last heard 12 Feb
Ari Levy’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
And there have been other periods historically that have, that's been the case, but growth has outperformed value by a wide margin in the last 20 years.
And so, you know, if you read Intelligent Investor, Benjamin Graham, or you look at a lot of data, there's some really good data from Eugene Fama and Kenneth French professors in Chicago and Dartmouth.
They would show, and my mentor, a guy by the name of David Heller, you know, we were very empirically focused, looking at a lot of historical data.
his philosophy was very deep value focused.
And so if you go back almost any decade in the history of the markets before that, the smaller, deeper value companies outperformed.
So if you just bought an index of those companies that were among a certain peer group of small, small companies trading at the biggest discounts to book value, and then the Fama French indices adjust every year, you would have outperformed.
So if you're trying to find just sort of
edge in a bucket of companies to buy, history would tell you to do that.
Well, in the last 20 years, we've seen such incredible technological advancement and industries like retail, I mentioned before, we've made a bad investment in big lots, for example, to be more mindful of technological change, trying to understand what that means for some of these value companies to avoid value traps.
And if there's easier said than done, but we've pivoted from
very much deep value stock picking to more of a Joel Greenblatt style of value investing, where it's those companies trading at the biggest discounts, but also that generate the highest return on invested capital.
And so we've gotten into different companies, whether they were previously super profitable and became unprofitable like Big Lots or just the slowly competed way of the dinosaurs that never invested in this company.
But Deluxe Corporation prints some huge market share of handwritten checks for people's bank accounts.
Well,
I can't remember the last time I probably still write a check here or there if my assistant helps me with it.
But, you know, there's a world with technology where we've made such technological advancements that the Amazons of the world have made it very difficult for almost every category of retail.
You can click a button from your home.
And so, you know, to just buy deep value companies based on where they trade to book value is an important lesson that I've learned.
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