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Value vs Growth
Value After Hours S04 E27: Small Value is Quality, Energy in Food, Financials and the Consumer  
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Today there were headlines that one of the premier growth funds, Tiger Global Management is down 52% this year.  This has been one of the hottest funds of the last decade, buying the flashiest growth stocks with little regard to valuations.  Tiger’s aggressive strategy was richly rewarded over the last few years while value struggled...
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Today the Case/Shiller housing price data came out and it showed prices up nearly 20% YoY. Brent crude oil touched $80 per barrel and is on course for its best month since February. Treasury yields have risen quite dramatically over the last week, with the 10-year now above 1.5%, the highest since June.  Natural gas...
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Rob Arnott of Research Affiliates is one of the best investment strategists around. He wrote a fantastic article on the opportunity in value investing, so instead of going on about it, I’m just going to let you read it to get a good grasp of the opportunity in front of us.  Here was one quote...
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2020 was a truly unique year from a stock market perspective in that the most expensive stocks got more expensive, while the cheapest stocks got cheaper.  All of this was in spite of the year starting with the spread between value and growth already at near-record levels, with many astute investors betting on mean reversion. ...
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We saw a little bit of volatility the last few days, as an overleveraged hedge fund blew up spectacularly.  It was one of the largest blowups in history (over $50 billion) and despite owning some pretty good positions, being leveraged 5-1 almost always assures disaster at some point, unless you are exceptionally lucky, and this...
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Last night’s Senate runoff in Georgia looks like it will be a clean sweep for the Democrats giving them control of the Presidency, House and Senate (with the VP holding the tie breaking vote). The margins in the House and the Senate are very small, so it won’t be easy to pass a major tax...
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I came across a terrific article I wanted to share with you by the asset manager GMO on how extreme the opportunity in value is versus growth.  I’m going to share some of the most important commentaries.   “The performance of Value from 2007 to 2019 was, to put it mildly, uninspiring. This was not...
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On Monday, we saw additional positive news on the Covid-19 vaccine front, with Moderna’s initial data looking very promising.  This is another revolutionary MRNA vaccine, similar to Pfizer’s, which released impressive data last week. More traditionally developed vaccines are coming down the pipeline as well, and treatments such as the Eli Lilly and Regeneron antibody...
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  I came across a very interesting article written by value investor and market historian Richard Pzena.  As you know, the closest comparison to the current market environment is the Tech Bubble, as the most expensive companies have seen P/E multiple expansion, while value stocks have seen multiple compression.  As you can see on the...
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