o, but the confusion is understandable. Value investing in securities markets as we know it today traces its roots to Benjamin Graham and his book Security Analysis. Graham's fundamental insight was really just a derivation of basic corporate law. Namely that "every corporate security may best be viewed, in the

hip may choose not to hedge positions and, in many cases, "hedging" may not reduce the risk in a position or the Partnership's portfolio generally. Security Analysis. The General Partner believes that rigorous research contributes to the Partnership's ability to limit its downside through a better understanding

Kay K. Mazuy, (1966) "Can Mutual Funds Outguess the Market?" Harvard Business Review, 44, pp. 131-136. Treynor, J. and F. Black, (1973) "How to use Security Analysis to Improve Portfolio Selection," Journal of Business 46 (1), pp. 66-86. Trouw (2002) "Al-Azhar geeft rente de zegen," 21' November. Tversky, A. an