FYI: You could say Chris Bingaman learned how to spot value at an early age. When gold and silver prices soared in the 1970s, Bingaman’s father started buying up coins worth more than their face value. “The price of silver had gone up enough that a quarter might actually be worth 30 cents, and he thought that was pretty incredible,” says Bingaman, whose job was to pick out quarters minted before 1965, when they were still made primarily of silver.
Now a co-manager of the $3.3 billion Diamond Hill Long-Short fund (ticker: DIAMX), Bingaman still sifts for bargains. He invests in 40 to 60 stocks trading significantly below their intrinsic value and takes short positions—bets that a stock will fall—in 20 to 40 names trading at premiums to their true worth. The overarching goal of the fund is to minimize volatility and deliver steady returns in any market.
Regards,
Ted
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