Subject: Re: OT-Guy Spier’s Aquamarine Fund
I agree with the idea that it's been tough for active value managers to compete against the S&P in the last couple of decades, especially given the current lofty valuations on that index. How does Spier do against the MSCI Global Index over the timeframes you mentioned? I'm not sure why he'd use the S&P as a benchmark rather than the MSCI index. Being based in Europe, I'm sure he's got a lot more non-U.S. holdings than most U.S.-based managers.