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Michael I. Schwartzman, President and Founder of ValueSearch Capital Management
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Mr. Schwartzman’s investment philosophy was formed twenty years ago and in essence has not changed since than. It is based on the premise that the stock market is fundamentally inefficient; that investors, while rational at times, are subject to human emotions such as fear, greed and identification with a crowd; and that an astute investor, while aware of his own above described tendency of all investors to be irrational, will control this tendency while benefiting from the irrationality of others.
Mr. Schwartzman has successfully implemented and used an investment framework based on the above premise. This Framework calls for a significant concentration of portfolios and reliance on a very few well-studied positions to deliver outstanding returns. The Framework calls for investments only in a relatively limited segment of extremely well run companies while ignoring less than stellar companies even if they are mispriced by the market. Reliance on the margin of safety principle and quantitative representation of major investment parameters of companies watched are the cornerstones of the actual implementation of this Framework
This approach has allowed Mr. Schwartzman to outperform the market significantly in the past twenty years, and has placed him among the top US money managers.
Mr. Schwartzman’s career has successfully spanned from an academic to a money manager, and included founding and running for several years a successful path-breaking high-technology company, and years of research and studies of the theory and practice of investing.
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A detailed biography of Michael I. Schwartzman
A more detailed bio of Mr. Schwartzman can be found below. This document contains descriptions of investment returns achieved by him, and therefore is a restricted document requiring access privileges.
Please Click here to see the document.
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