Up On Down Markets

Bad news has been a good friend to Charles H. Brandes. It was the bear market of 1973 and '74 that prodded Brandes to quit his job as a stockbroker and open his own global money-management firm. Now, 21 years later, Brandes Investment Partners manages a tidy $4 billion from its home base near the crashing Pacific surf in Del Mar, Calif. But its 51-year-old founder, a dedicated value investor with an eye for cheap stocks, is still a bad news bull.

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