We were joined this week by our friends Wes Gray (Alpha Architect) and Tobias Carlisle (Acquirers Funds) to discuss value investing, its prolonged winter and how it has fared in the current environment. This broad conversation includes:
- How value has historically outperformed growth, despite appearing to lag most of the time
- The mental – and emotional – fortitude required to stick with it during tough periods
- Active share – disaggregating value from broad equity beta
- Difference between harvesting Value in Long-Only vs Long-Short strategies
- Raw yields vs Excess yields
- Separating Value from Quality
The group also compared different value metrics against portfolio turnover and capacity, their relative cheapness with respect to the market as well as versus themselves over time.
Please enjoy this episode and join us live next week!