Questions of Value — From Undersupplied to Oversupplied?
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.
September 30, 2022 Quarterly Letter
With the fear of recession on investors' minds, Dale Harvey shares his thoughts on managing portfolios in uncertain markets.
Questions of Value — The Most Anticipated Recession of All Time?
Evaluating the quality of earnings growth expectations embedded in current business valuations is extremely important in these uncertain times.
June 30, 2022 Quarterly Letter
Avoiding bear markets is like avoiding mountain lions in nature. Staying calm in the face of fear is key.
Questions of Value — A New Market Regime?
Factors 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
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.