Questions of Value — Do Expectations for Employment, Interest Rates, and the Stock Market Add Up?
The stock market appears to be forecasting an upcoming economic environment that is meaningfully different than the signals being provided by the employment market and interest rates. Which expectations are correct? This paper discusses our thoughts on this disconnect and the types of companies we favor.
March 31, 2023 Quarterly Letter
It's no longer just a Value vs. Growth cycle. Paying attention to company fundamentals along with valuations will be the key to generating strong results looking forward.
Questions of Value — Is Selectivity Now Required for Double-Digit Returns?
Following a decade of above average stock market returns, this memo explores the growing importance of selectivity and active portfolio management in the years to come.
December 30, 2022 Quarterly Letter
Focusing on the absolute value of companies helped weather a difficult 2022. As we turn the page into 2023, our approach should continue to benefit investors.
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.