"Equities"
Staying the course
In the challenging macroeconomic environment, distractions are everywhere. While we are aware of the prevailing market conditions, our focus remains on identifying and investing in a select universe of companies that meet our four investment pillars:
The Numbers Game: Risks hiding in plain sight
Are earnings estimates too high? It’s a question being repeatedly asked, as the market speculates about the economic outlook. But perhaps the first question should be: are historic earnings too high?
It isn’t uncommon for management teams to systemically overstate their company’s profitability and skew the starting point for evaluating a company’s outlook. In recent years, short-term narratives have often trumped financial reality.
The value in companies with pricing power, amid slowing growth and rising inflation
Are earnings estimates too high? It’s a question being repeatedly asked, as the market speculates about the economic outlook. But perhaps the first question should be: are historic earnings too high?
It isn’t uncommon for management teams to systemically overstate their company’s profitability and skew the starting point for evaluating a company’s outlook. In recent years, short-term narratives have often trumped financial reality.
The all-weather, all-steady approach to investing through market corrections
Are earnings estimates too high? It’s a question being repeatedly asked, as the market speculates about the economic outlook. But perhaps the first question should be: are historic earnings too high?
It isn’t uncommon for management teams to systemically overstate their company’s profitability and skew the starting point for evaluating a company’s outlook. In recent years, short-term narratives have often trumped financial reality.
Why Square's Afterpay is no threat to Visa
The current market sell-off has many market participants running for cover and waiting till the “uncertainty clears.” Issues concerning the market are well-known – central bank tightening, high inflation, the Ukraine conflict, supply chain shortages and increasing concerns of a recession in 2023.
And in current markets, I am reminded of the timeless words of Benjamin Graham (the father of security analysis and Warren Buffet’s mentor) who made the clear distinction between investment and speculation.
