September 30, 2023 Quarterly Letter


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.

September 30, 2023 Quarterly Letter2023-11-28T16:57:49+00:00

June 30, 2023 Quarterly Letter


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.

June 30, 2023 Quarterly Letter2023-07-05T18:53:43+00:00

March 31, 2022 Quarterly Letter


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.

March 31, 2022 Quarterly Letter2022-05-23T15:36:38+00:00

December 31, 2021 Quarterly Letter


Poplar 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.

December 31, 2021 Quarterly Letter2022-01-07T22:26:14+00:00

September 30, 2021 Quarterly Letter


With 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.

September 30, 2021 Quarterly Letter2021-10-04T17:03:47+00:00

June 30, 2021 Quarterly Letter


With 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.

June 30, 2021 Quarterly Letter2021-07-28T21:25:57+00:00
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