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Altria
This year has been wild in many terrible ways.  One extremely painful phenomenon (for a value investor) has been the massive growth outperformance relative to value.  Coming into the year, we were at the widest relative spread between growth and value since 2000.  After the pandemic tanked stocks more closely related to the economy, the...
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I’ve wrote many times about certain areas of the market being expensive, such as utilities and consumer staples.  The biggest reason for the disconnect between price and value in my estimation is that the Federal Reserve’s zero-interest rate policy has forced investors and savers into high-yield stocks to generate income.  Because many utilities and consumer...
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