5) How could Mayo reassure his investors about the merits of value investing? And, more importantly, when would the markets remember and recognize those merits?

4) Just because CVS, Donnelly, and Major Care were inexpensive by both relative and absolute measures, did that make them attractive investments?

3) What were his options as a value investor in this market environment?

2) And, on the contrary, if this all turned out to be another instance in a long history of periodic stock market excesses, how long could Mayo wait for the return to normalcy before GMO clients lost their patience with subpar returns relative to the market indices?

1) Was value investing (whereby investors identified misunderstood companies trading at less than fair market value and waited for the market to acknowledge the inefficiency) no longer valid in this brave new world of Internet companies with multibillion dollar valuations and multimillion dollar losses?