by Kerri Fronczak
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by Kerri Fronczak
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We relate Warren Buffett’s recent comments on book value to our own investment process and make the case that investors buying a “value” index might, unintentionally, simply be taking on exposure to asset-intensive sectors rather than truly under-priced securities.
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May 10, 2024: March 31st marked the 5-year anniversary of the Distillate Small/Mid Cap Quality & Value strategy. We summarize its performance record since inception here. VIEW/DOWNLOAD
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February 27, 2024: This one pager examined whether small cap stocks are as cheap as is often touted. The high percentage of unprofitable stocks is significantly distorting traditional PE calculations for small cap indexes, but there seemingly are many excellent values to be had in this segment of the market by being selective and using accurate valuation measures. VIEW/DOWNLOAD
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October 1, 2023: Small stocks have big debt burdens and high borrowing costs and interest expense could rise further as debt is refinanced in the current, higher, interest rate environment. This incremental expense is likely to be a significant headwind for many small cap stocks. VIEW/DOWNLOAD
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May 27, 2023: The largest five stocks in the S&P 500 collectively have increased in value this year by $2.8 trillion, which is 49% above where they began the year. The level of concentration in the S&P 500 as measured by the over-24% total weight of just these five stocks is greater than it has ever been. VIEW/DOWNLOAD
