June 30, 2022 Quarterly Letter
Poplar Forest Research2022-07-06T15:48:21+00:00Avoiding bear markets is like avoiding mountain lions in nature. Staying calm in the face of fear is key.
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Questions of Value — A New Market Regime?
Poplar Forest Research2022-05-23T15:35:41+00:00Factors leading to growth outperformance do not appear sustainable. We believe the current environment is particularly well-suited to our absolute value investment process.
March 31, 2022 Quarterly Letter
Poplar Forest Research2022-05-23T15:36:38+00:00These 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.
Questions of Value — What Do You Have to Believe For Growth to Outperform Value
Poplar Forest Research2022-03-21T23:21:38+00:00This is the first in a series of memos in which we will address common questions from our clients about the Partners Strategy and Value investing. In this insight, we discuss why we believe the value opportunity in our Financial Services holdings is compelling in the current interest rate environment.
December 31, 2021 Quarterly Letter
Poplar Forest Research2022-01-07T22:26:14+00:00Poplar Forest’s portfolios are currently valued at one of the largest price-to-earnings discounts to the S&P 500 since we’ve been in business. In effect, the market is suggesting that the outlook for our companies is less attractive than it has ever been. We disagree. Our companies may be underdogs, but when we look out over the next 3-5 years, we believe that their fundamentals will more than beat the spread.
Questions of Value — Interest Rates and Financial Services Stocks
Poplar Forest Research2021-11-18T15:51:28+00:00This is the first in a series of memos in which we will address common questions from our clients about the Partners Strategy and Value investing. In this insight, we discuss why we believe the value opportunity in our Financial Services holdings is compelling in the current interest rate environment.
September 30, 2021 Quarterly Letter
Poplar Forest Research2021-10-04T17:03:47+00:00With the economy getting back to normal more quickly than expected, the U.S. Federal Reserve will soon start the multi-year process of normalizing monetary policy. In the face of potentially rising interest rates, investor worries are growing: stocks look expensive, bond prices go down when yields rise, and cash earns nothing. But, there is a fourth option: value stocks.
Analyst Insight: Technology, Communications and Utilities Q&A
Poplar Forest Research2021-08-04T17:03:44+00:00In this edition of Analyst Insights, Cathy Lloyd updates us on how the pandemic has shaped the Technology, Communication Services, and Utilities sectors and what she’s looking for when evaluating investment opportunities.
June 30, 2021 Quarterly Letter
Poplar Forest Research2021-07-28T21:25:57+00:00With growth stocks having reasserted themselves as interest rates trended lower during the second quarter, some naysayers are already predicting the end of this value cycle. I couldn’t disagree more. For one, I continue to believe that bond yields have separated from reality due to price manipulation on behalf of central banks at home and abroad.
Value: Has the Outperformance Only Just Begun?
Poplar Forest Research2021-05-25T17:12:11+00:00Value: Has Outperformance Only Just Begun? In this edition of Poplar Forest Insights, we discuss why now may be an opportune time to rebalance portfolios towards value strategies.