No. of Recommendations: 4
Arnold van den Berg is truly an outstanding investor. I got a ton out of this particular issue of OID and am always challenged by his thinking.

But I also wonder what it was between 2002 and 2006 that made him become bullish on stocks. Naturally, it is all well and good to change your mind. It is patently unfair to take someone's point-in-time analysis and say "well, there's his thinking, defined." But 2002, as it turns out, was a pretty good time to be buying certain classes of stocks, and yet his stance was unbelievably bearish.

In fact given that he held so much in cash and short term securities at the time, his overall returns during that stretch are nothing short of astounding. Sorta like the polar opposite of margin.

Bill Mann
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