Malcolm Polley’s firm is an institutional-only money manager. This value-oriented firm has three products: a midcap product, an all-cap product and a large-cap value product. Mr. Polley believes in good businesses at good prices and says his firm’s decision-making process is at the company level rather than the allocation level. Because of the valuation levels the market has reached, Mr. Polley has been finding that either the businesses themselves are troubled or the industry has been troubled. He is currently finding a number of misunderstood or special situations.
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