Regional Equity Performance & Valuation
The U.S stock market has significantly outpaced major international indexes over the past decade. In this short paper, we look at the drivers behind this by splitting price gains into fundamental and valuation components.
2019 Q3 Letter to Investors: Long-Term Equity Valuations & Looking Past “Factor” Noise
We provide an update of strategy performance and portfolio positioning. We also look at equity market valuations in a historical context, relative to both underlying fundamentals and the valuations of other asset classes.
Value Investing in a Capital-Light World
The composition of the economy and stock market has shifted from physical assets to intellectual ones. This change has significant implications for traditional valuation metrics, requiring a new approach.
2019 Q2 Letter to Investors: The Lurking Risk of Elevated Debt Levels
We provide an update of strategy performance and the market environment, discuss the dangers of elevated debt levels, and describe the unintended risks investors might be taking as they seek safety in certain stocks with with low price volatility but increasing levels of debt.
2019 Q1 Letter to Investors: Mismeasuring “Value” and the Risks in Low Beta Stocks
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.
Buffett Abandons Book Value
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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