Subject: Brooklyn Investor
Well worth a read on how poorly active managers have done. I love the title - ' Graham & Dudville'

http://brklyninvestor.com/2023...

' As part of my catch up, I plan on reading letters from the various value funds and things like that. One of the first ones, of course, was Sequoia Fund, and I was shocked at how poorly they are doing. I know that in the zero interest rate world, everyone suffered. But this is worse than I thought. I know Sequoia had that Valeant fiasco, but even without that (that happened in 2016?), the dramatic underperformance seems to continue.

I remember once saying that if I was going to go on a mission to Mars and I had to keep my money in some fund, I did say I would put money in Tweedy Browne Value. Over time, I admit I became less and less interested in any funds because as expected returns came down to, say, 4-6%/year, the 1% management fee starts to look like a hedge fund incentive fee, but they get it no matter what (1% of 4% is 25%!!). '