INSIGHTS 2020-01-30T18:06:24+00:00

December 31, 2019 Quarterly Letter

At roughly 11x estimated earnings, 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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