February 28, 2026

Inside This Issue


Quality on Sale

David Herro, Tony Coniaris, Oakmark Funds

Oakmark Funds’ David Herro and Tony Coniaris describe how they marry quality and price in searching for ideas, the process changes they’ve made over the past year, how they try to navigate markets characterized by “amplified price volatility," and why they're seeing mispriced upside in Bayer, Siemens Healthineers, IMCD and LVMH Moët Hennessy.

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Protecting the Downside

Christopher Niemczewski, Chad Goldberg, Marshfield Associates

Christopher Niemczewski and Chad Goldberg of Marshfield Associates explain how their strategy and process is built to avoid costly mistakes, why they have almost never invested in information technology, how they use the firm's chief economist, and why they see unrecognized value in Progressive, UnitedHealth, NVR, Ross Stores and O’Reilly Automotive.

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Uncovering Value: Emerging Markets

Ideas to capitalize on as emerging-markets equities seem to rouse from an extended slumber.
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Uncovering Value: Teva

The company is well on the road to recovery, but how bright is the prognosis from here?
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Editor's Letter

Taking time for a brief refresher course on the psychology of financial decision making.
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Who's Behind VII?

John Heins, Co-Founder, Editor-in-Chief
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John Heins co-founded Value Investor Media, Inc. in 2004 and since then has served as its President and as the Editor-in-Chief of Value Investor Insight. In 2016 he took on an additional role as a Professor of Value Investing at the University of Alabama and is now the Director of the university's C.T. and Kelley Fitzpatrick Center for Value Investing.