by Kerri Fronczak
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by Kerri Fronczak
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We provide an update of strategy performance so far in 2019, portfolio changes and positioning, as well as our thoughts on the mismeasurement of “Value” as it is commonly discussed and what we believe to be underappreciated risks embedded in low beta stocks.
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Twenty AI-related stocks have driven most of the Russell 1000’s $32 trillion three-year gain despite little free cash flow growth behind them. We also look at the risk rising interest rates pose to elevated equity multiples and company fundamentals. VIEW/DOWNLOAD
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We look at the extreme recent outperformance in momentum stocks and the resulting disparities in valuations between certain perceived beneficiaries of artificial intelligence and a growing set of very attractive valuations of high quality companies outside of that space. VIEW/DOWNLOAD
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We examine the mechanics of our cash-flow valuation approach, the source of returns for long-term investors, and how systematic rebalancing improves portfolio fundamentals, the ultimate driver of returns. VIEW/DOWNLOAD
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We look at the significant recent contribution to equity returns coming from valuation expansion in a historical context and what it might mean for forward returns. VIEW/DOWNLOAD
