How Do You Pivot a Value Investing Approach?

I often remind our analysts that 100% of the information you have about a company represents the past and 100% of a stock's valuation depends on the future. I got that actually from the late Sir John Templeton who was asked why he followed this value investing approach. He said, um, we don't follow it out of any special reverence for that approach. We follow it because we keep looking at all different ways to do things, looking at ways to improve all the time. And it just so happens that this is the one that we found most effective.