In a recent market commentary, Poplar Forest Capital founder and Chief Investment Officer J. Dale Harvey said he “found his answer in value investing and the writings of Graham & Dodd and Warren Buffett. Their approach made intuitive sense to me— they turned the problem on its head by focusing on value over macroeconomics. In essence, when a company deemed to be troubled becomes less troubled, its stock price often experiences a large gain. Conversely, when a great company becomes merely good, its owners often suffer a terrible decline.”