"We have kept doing what we've always done," Fine told Insider in a recent interview."And we fought through that, against all odds. Fortunately, it paid off tremendously in 2022."
By putting valuations first, Fine said that he and his colleagues are able to find the best deals in markets. Usually, ultra-cheap stocks are in a beaten-down industry or sector, but occasionally Fine said that a company loses its way and gets crushed in markets while its peers carry on. "If you're going to invest in businesses that are in challenging circumstances — either from a macroeconomic perspective or from an industry cycle, or maybe they have some business-specific hurdle that they're facing — it's very, very difficult, if not impossible, to predict how long it will take for those headwinds or those clouds to abate," Fine said.
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