March 2020: Interim Update to Investors
While market prices, in theory, should reflect the discounted value of a very long stream of future cash flows, they are prone to panic and often overreact to near-term disruptions. The current environment, brought on by worries of the spreading COVID-19 disease, seems like exactly such an instance.
Value Failed Because it was Expensive
So-called “value” indexes have severely underperformed the broader stock market for more than a decade. While this is an often-told story, it typically comes without any compelling explanation of why these indexes of purportedly inexpensive stocks continue to disappoint.
2019 Year-end Letter to Investors: The Market Rally in a Long-Term Context
We provide an update of our U.S. Fundamental Stability & Value strategy’s performance, portfolio changes, and fundamental attributes, and discuss the equity market’s recent performance in a longer-term historical context.
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.
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