30.3 mt @ 1.70% cueq, page-140

" that comment suggests you have little insight into how fund managers work and in practice is a mile off from reality. Graham French's valuation model would need to be spitting out at least +30% on $4.70 "

I know exactly how the fund managers work,
Simply, they play around with other people's moneny (not mine)and in the process they put some in their own pockets.

If they made some money from other people's money they put more money in their own pockets, if they made no money or lost some of other people's money, they still put some in their own pockets. THIS IS HOW THE FUND MANAGERS WORK.