Value, boom and bust

As I observe the uninterrupted upward rush of the Indian stock markets, I can't help but reflect on the principles of value investing that have guided my work as an analyst and author for over three decades. In any rational conversation, hardly anyone even attempts to justify how stock prices behave. It does seem like current high valuations are raising eyebrows and concerns, making it more crucial than ever to revisit and reaffirm the timeless wisdom of value investing. I'm reminded of the timeless wisdom shared by the hedge fund manager Seth Klarman, one of the most respected voices in value investing. I recently re-read Klarman's insightful letter to investors from late 2009 or early 2010, shortly after the Global Financial Crisis. His observations and lessons, both learned and unlearned, resonate strongly today, although the market situation is quite the opposite. Klarman's perspective on value investing has always struck me as particularly astute, viewing it as a sort of inoculation or genetic predisposition. In my years of experience, I've observed the same pheno