Investment

Dedicated followers of the Clipper Fund may have been dismayed when longtime managers James Gipson and Michael Sandler left the fund recently. For many investors, the Clipper crew represented the best in value investing. During the past decade, the fund returned 13.9 percent annually, outdoing the S&P 500 stock index by 4 percentage points, and surpassing 98 percent of large value funds. But shareholders

byStan Luxenberg, Special Contributor