Ann: L1 Long Short Fund Limited - Quarterly Investor Letter, page-5

I think they have forgotten that adage about timing is everything. They might not be wrong about the business model being propped up by ardent zealots... but in this game if your timing is wrong... you are wrong. Its the same thing. Ultimately, markets ebb and flow between value and growth style stocks, but you have to adapt. You can't be a value style investor and sit on the sidelines for 10 years... saying it will change. The cycles are there, good investors realise this. It's the equivalent of saying I don't like the market as it is... I will sit on the sidelines for the next x amount of years until it goes back to what I know and like. So frustrating... there is no logical reason why you have to be extreme left or right... or purely growth or purely value. You are paid millions of dollars to analyse the market. Anyone can look at a P/E ratio and say that's expensive... won't touch that.