Value Has a Price, But First It Needs to Be Seen – Bloomberg

Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business.
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There’s a big opportunity as markets grope toward reasonable valuations again. More skills are needed to exploit it.
There’s plenty of value if you look for it.
John Authers
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David Einhorn is a champion poker player, so it’s plenty possible that he’s bluffing. But when the head of Greenlight Capital says that “value investing might never come back,” as he did recently in a televised interview with Bloomberg’s Sonali Basak, it’s worth taking notice. Staffs of traditional analysts who crunch corporate balance sheets have been “gutted,” Einhorn said, leaving a shortage of investors capable of trying value investing, even if they wanted to. Asked by Sonali whether value would come back, his reply is bearish:

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