Over the past two weeks we have explored the concept of using other types of data (non-GAAP) to enhance our analysis on publicly-traded companies. This week, we focus on Consumer Companies.
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Last week, we began to explore the concept of using other types of data (non-GAAP) to enhance our analysis on publicly-traded companies. While the focus was on insurance companies, this week we are focusing on another industry we enjoy getting under the hood of: Banks. Next week, in the third and...
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As an investor, if you had access to more detailed information other than the GAAP (Generally Accepted Accounting Principles), wouldn’t you use it? GAAP data provides a uniform set of rules and formats to facilitate analysis by investors and creditors, and in this regard, it has greatly helped...
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As value investors, one of the reasons we love investing in financials is because it has become an unloved segment of the market. Observe the following graph, which shows how the financial sector has shrank as an overall piece of the S&P 500 Index since the Global Financial Crisis:
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Portfolio Managers John Gillespie, Jason Kish and Kevin O’Brien sat down and answered 11 questions regarding the team’s unique value-investing philosophy, lessons learned from past experiences and thoughts on running their business. In today's blog, they answer two questions regarding the...
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Many investors have followed the rise of the FAANG stocks (Facebook, Apple, Amazon, Netflix, and Google (Alphabet)) during this economic cycle, but many are unaware of just how large a piece of the S&P 500 Index these five companies have become. If you include Microsoft, which boasts a market...
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Over the past two weeks, we have discussed the underperformance of value stocks relative to growth stocks during the current market cycle. However, when it comes to assembling a portfolio of value stocks with the strongest risk/reward characteristics, there are myriad different approaches. While...
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Last week, we discussed how value stocks have significantly underperformed growth stocks, and how broad market benchmarks such as the S&P 500 and the Russell 1000 have tilted further towards growth equities as a consequence of their market cap weighting methodology.
But all value investors are not...
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As can be seen in the chart below, value investing has underperformed growth investing significantly over the past thirteen years. This has resulted in broad market benchmarks such as the S&P 500 and the Russell 1000 tilting further and further towards growth investing as a consequence of their...
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Current Market Environment
While the first quarter of 2019 ended with a sense of optimism that trade negotiations were going well with China, the second quarter was a roller coaster of renewed tensions with Beijing, plus new...
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