Stephen Cranston Associate editor

Most of us are familiar with the age-old debate between the value and growth styles. Value probably has the most intellectual credibility, thanks to the status of its leading gurus such as Benjamin Graham and Sir John Templeton.

At heart, value investing seems a simple concept, buying something for less than it is worth. Long before the term behavioural finance became popular, Graham talked of an emotional Mr Market. He said that in the short term, the market was a voting machine, driven by emotion, but in the long run it was a weighing machine, pricing shares according to their net weight or net asset value.

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