Quarterly Commentary
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The Case for China: Investing Beyond the Headlines
We see a disconnect between valuations and financial performance in China, creating intriguing opportunities for disciplined value investors, despite the macroeconomic headwinds and geopolitical tensions. (First Quarter 2024 Commentary)
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Value Investing for a Low Equity Risk Premium World
In today’s low equity risk premium environment, value stocks’ double-digit earnings yield is consistent with their historic outperformance. (Fourth Quarter 2023 Commentary)
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Why We Are Active Value Investors
Many investors opt for “value-light” strategies that sacrifice key value principles. This essay demonstrates value investing’s superior returns compared to growth and value-light strategies, dispels risk misconceptions, and exposes the flaws of indexing value. (Third Quarter 2023 Commentary)
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The Concentration Conundrum
The continued outperformance of mega-cap highfliers does not stand up to historical scrutiny, while value stocks are trading at a 30% discount to their long-term average PE. (Second Quarter 2023 Commentary)
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The Current Opportunity In Small Caps Globally
Small-cap stocks are trading near 20-year low valuations and remain an underfollowed corner of global equities rich with opportunity. (First Quarter 2023 Commentary)
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Equity Investing in an Uncertain Macro Backdrop
Despite recession, inflation, and geopolitical fears, we believe the value opportunity is compelling, even after its best relative performance in more than two decades. (Fourth Quarter 2022 Commentary)
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