Wimal --

Thank you for sharing it, and for leaving a thoughtful comment. I really appreciate it!

What's interesting about net-nets is that you can still find them, they're just not exactly easy to stay invested in. Colleague Alon Bochman, CFA, did a great piece a few years ago looking at this [https://blogs.cfainstitute.org/investor/2013/07/10/returns-on-negative-…] and then followed up on it [https://blogs.cfainstitute.org/investor/2013/07/10/returns-on-negative-…] a few months later. I think you may enjoy those pieces.

One of the things that Alon gets at is that it's very hard to hold a lot of value-type investments. Information access was certainly a factor, but I think there's a durable competitive advantage that comes from being willing to hold things that look insane to others.

Cheers, and all the best --

Will