The stock market appears to be forecasting an upcoming economic environment that is meaningfully different than the signals being provided by the employment market and interest rates. Which expectations are correct? This paper discusses our thoughts on this disconnect and the types of companies we favor.
It's no longer just a Value vs. Growth cycle. Paying attention to company fundamentals along with valuations will be the key to generating strong results looking forward.
Following a decade of above average stock market returns, this memo explores the growing importance of selectivity and active portfolio management in the years to come.
Focusing on the absolute value of companies helped weather a difficult 2022. As we turn the page into 2023, our approach should continue to benefit investors.
Will the economy soon shift from a state of undersupply to oversupply? This memo explores some of the relevant investment opportunities and risks for long-term value investors.
With the fear of recession on investors' minds, Dale Harvey shares his thoughts on managing portfolios in uncertain markets.
Evaluating the quality of earnings growth expectations embedded in current business valuations is extremely important in these uncertain times.
Avoiding bear markets is like avoiding mountain lions in nature. Staying calm in the face of fear is key.
Factors leading to growth outperformance do not appear sustainable. We believe the current environment is particularly well-suited to our absolute value investment process.
These days, the investment highway seems more treacherous than an L.A. freeway in a rainstorm. Defensive techniques aren’t just for driving. Value has become defensive again, just as it was in the aftermath of the late 1990s Tech Bubble.
