The key to value investing is to buy shares at a discount to what you believe is the intrinsic worth of a company, ideally investing at the very lowest point of market sentiment, so the potential upside on your investment is as high as possible. This is the view of Nigel Waller, chief investment officer and portfolio manager at Oldfield Partners, which believes that what you pay for a share - rather than that share's growth - is the biggest driver of future returns. "If you buy shares at a cheap value, you will make money," Mr Waller asserts.
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