In a recent interview, Samantha McLemore, CFA, portfolio manager of Miller Value Partners‘ Opportunity Equity fund, offered insights regarding how value investors can navigate market turbulence. Here are some highlights…
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Swedroe: New Findings on the Low-Risk Anomaly
…bear markets should shun stocks with those characteristics.” Conversely, the stocks that suffer the least during downturns are large, profitable, dividend-paying value stocks that make smaller investments with limited debt….
Shift from Momentum Proves Boon or Einhorn's Greenlight Capital
…article reports, adding that in 2018 his firm lost 34% in its main fund. That performance prompted Einhorn’s promise to make fewer, more concentrated investments, the article says. “So-called value,…
The Rising Bar for Active Management
…will lead to outperformance over a market cap weighted index over time. On top of that, using factors like value and momentum will add on additional excess return above the…
O'Shaughnessy Insights on Value's Terrible Performance
In a recent interview on the Bloomberg Markets Odd Lots podcast, O’Shaughnessy Asset Management (OSAM) co-CIO Chris Meredith talked about value’s long period of underperformance and shared some insights regarding…
Rob Arnott Claims Victory on Factor Crowding
…value is arguably the most important question here because value has underperformed now for 12 years.” One explanation for value’s “moment in the sun,” the article reports, is that a…
If Everyone Indexes, What Happens?
…they “don’t necessarily have the same incentive to pressure managers to maximize the value of any single company. They may not be as concerned about one firm winning at the…
Thomas Piketty's New Blockbuster Guide
…idea that ownership of property above a certain value can only be ‘temporary’.” Piketty told L’Obs, “The system I propose makes it possible to own several million euros, or even…
Why Use One Value Factor When You Can Use Many
…and P/CF) are all represented by various factors. Value Factor One (VC1) Value Factor Two (VC2) Value Factor Three (VC3) Pure Play Value Factors Price-to-book Price-to-earnings Price-to-sales EBITDA/EV Price-to-cash…
Buffett Protégé Starting Her Own Firm
…long-term vehicle to acquire and build businesses. There are companies that I think there’s a lot of value in helping them get to the next level, but they’re too small…