What does North Carolina barbecue have in common with value investing? The barbecue in NC is a tale of two tastes – a sauce with ketchup or without, while value investing is a tale of two disciplines – Absolute Value and Relative Value. In his new quarterly letter our CEO, J. Dale Harvey, dives deeper into these two topics and shares additional insights on the economy, markets, and our portfolios. Enjoy!
Good barbecue takes quality ingredients and patience. So does generating strong long-term investment results in value companies. Enjoy our quarterly letter where our CEO, J. Dale Harvey, shares his thoughts on the current market environment..and tasty barbecue.
Three things that are successfully unwavering in the face of change: the Rolling Stones, Warren Buffett & Charlie Munger, and Poplar Forest Capital. Surprised? See the timeless similarities each of them in J. Dale Harvey's recent quarterly letter.
As we head into the holiday seasons, the health of the U.S. consumer is top of mind. In this memo, we discuss our approach to navigating a potential slowdown in consumer spending.
Bigger does not always equate to better. Read J. Dale Harvey's thoughts on the positive contributions of mid-cap companies to long-term investment results. Our quarterly letter details Poplar Forest's consistent investments in mid-cap companies and approach to value investing.
Investors and advisors need to beware of style drift, especially in this period where stock market results seem to be disconnecting from macroeconomic fundamentals. Our quarterly letter details Poplar Forest's consistent value approach to investing.
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.