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An investor who outperforms in a rising markets is simply (and maybe without knowing it) taking too many risks. The lower drawdowns that accompany value investing allow it to deliver returns that even may equal a buy and hold equity investor.An investor who outperforms when markets tank and underperforms when markets rise, displays a sound risk management. An investor who outperforms in a rising markets is simply (and maybe without knowing it) taking too many risks.

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