Swimming with Lemmings April 6, 1998 Dear Investor, The lemmings are out again on Wall Street, bidding up the big caps and swimming in their own unhealthy optimism. They haven’t drowned yet–then again, speculative bubbles can last years. Thus, we limit risk by searching for value wherever we must find it: amid the high rises of Hong Kong, in the undervalued small caps, and in downtrodden, unloved, abandoned markets anywhere. The ignorance...