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INSIGHTS 2019-04-10T18:29:25+00:00

December 31, 2019 Quarterly Letter

At roughly 11x estimated earnings and with a 3.2% dividend yield, the companies we own continue to be priced at attractive absolute levels and at historically wide discounts to the market despite offering market-like earnings growth prospects. Whether we compare ourselves to broad market indices (S&P at 18x, Russell Value at 15x) or to other value managers (Peer average 15x), we offer differentiated portfolios of what we believe are incredibly compelling investment opportunities.

By | January 6th, 2020|Categories: Quarterly Reports|

September 30, 2019 Quarterly Letter

As Mike Tyson famously observed: “Everybody has a plan until they get punched in the mouth.” For the last few years, Value investing has felt like being in the ring with the former champ. Successful long-term investors know they will have to take a few punches along the way because there is simply no way to get every stock pick right. The issue is not about getting punched: it’s about how one responds to the blow.

By | September 23rd, 2019|Categories: Quarterly Reports|

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