These days if you talk to people about the stock market, they might talk to you about the effect of the Fed. Or they'll talk about the Mag 7 and AI capex spend. Or they'll extoll the virtues of passive, low-cost investing. It seems like you hear less and less about the art of security selection: Finding cheap diamonds in the rough that have been overlooked by other investors. But some people are still keeping that world alive. John Rogers is the founder and co-CEO of Ariel Investments, and in his primary mutual fund he invests only in mid- and small-cap companies. Recorded live on stage at the Future Proof Festival in Huntington Beach, CA, we talk about his approach. He explains why he believes value investing still works, and the process he uses to select individual names. We also discuss what he looks for and how he researches stock picks. Among other things, he tells us why he's invested in The Sphere (yes, that Sphere in Vegas) as well as the company that makes the McFlurry machines for McDonald's.

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