How to Earn Stock Market Returns With Half the Risk

In this episode of The Compound and Friends, Steve Romick, co-portfolio manager for FPA Crescent, discusses his value investing strategy and experiences. He recounts his early career, the creation of his "Go Anywhere Fund," and navigating the dot-com bubble, emphasizing the importance of risk management and security selection. Romick shares insights on current market conditions, highlighting opportunities in smaller cap and international companies, and touches on the role of luck and adaptability in long-term investment success. He also addresses modern market trends, the potential impact of AI, and his preference for bottom-up investing, while expressing cautious optimism for the future of value investing.