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29 Shiller, supra, at 215, 231.

30Benjamin Graham and David L. Dodd, Security Analysis (1st ed. 1934), 23.

31 Shiller, supra, at 9-12.

32 MOME, supra, at 725, 731-2; Mark Rubinstein, Rational Market: Yes or No? The “Affirmative Case,” 57 Fin. An. J. (May/June 2001) 15.

  • 33.

    Rubin, supra, at 285.

  • 34.

    Id. at 323-4.

35 Shiller, supra, at 173-4 (EMT implies the smartest people will not be able to do better than the least intelligent; one might as well pick stocks at random).

36 XII The Collected Writings of John Maynard Keynes 82 (Donald Moggridge. ed., 1983).

37 Brealey & Myers, Principles of Corporate Finance (6th ed. 2000) 372.

38 Stout, Mechanisms, supra, at 664; Brav & Heaton, supra, at 518-9.

39 Survey, supra, at 1059-61.

40 See, e.g., Discipline, supra, at 5.

41 James Gipson, Outstanding Inv. Digest (“Outstanding”), April 30, 2004, at 46 (responding to an investor query about currency plays); see also Seth A. Klarman, Baupost 2003 Year end Letter, Jan. 23, 2004, @12 (Baupost is a value-oriented hedge fund); Berkshire Hathaway 2003 Annual Report, @21 (when there’s nothing exciting in which to invest, our “default” position is U.S. Treasuries.)

42 Legg Mason Value Trust, 2003 Annual Report, May 5, 2003, at 6, 14.

43 Longleaf Partners Fund, Annual Report at Dec. 31, 2003, at 1. The fund’s cash and equivalents were over 15% of total assets.

44Tweedy, Browne Investment Adviser’s Report, March 31, 2004, at 7; Oakmark Funds, Prospectus dated 1/31/04, p. 1.

45 First Eagle Global annual report, March 31, 2000, at 1.

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