On June 28, 2018, the Pender Value Fund turned five. In this second of three part series, David Barr and Felix Narhi, co-managers of the Fund, discuss fundamental questions relating to what value investing means, and how this concept has evolved over time. Technology has played a key role in improving and driving change in investing, while also impacting more and more industries in subtle but significant ways and necessitating change over time. David and Felix reflect on the growth of the Pender investment team from two to eight and how expanding the circle of competence  has contributed to the Fund’s ability to enter new parts of the market. Felix also shares a secret from Benjamin Graham hiding in the postscript to The Intelligent Investor. Tune in to find out more.