Terry Smith's Fundsmith beat the market for a decade, then trailed four straight years. £3.31bn fled in 2024. Most investors lost money vs a tracker. Why? Timing. They bought high after stellar returns, sold low during underperformance. Jack Bogle's iron law: money arrives after gains, leaves during losses. Even star managers can't beat that.
International value is enjoying a powerful resurgence after a decade of underperformance. Driven by compelling valuations, governance reforms in Japan, and improving sentiment in Europe, the case for international value is backed by decades of academic evidence. Learn why it remains a core long-term opportunity for evidence-based investors seeking global diversification.
TEBI
Aug 158 min read
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