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Applied Finance, a thought leader in valuation and portfolio construction, is a true “value” investment management company.  Unlike the majority of firms today that focus on low multiples to define “value”, we define value as identifying companies trading below their intrinsic value.  Our Valuation Driven® approach forms the foundation of our investment decisions.


Applied Finance is 100% employee owned, with the average tenure of our 10 equity partners being over 18 years.  Learn more about Applied Finance.





  • Institutional Investor features Applied Finance – How a Small Manager Won a Huge Pension

    February 13, 2023

    Employing a strategy that is a little different from many of its peers, the value investor secured a mandate from GPIF — the world’s largest pension — in October, following a due diligence process that started that summer. Value has been underperforming since the global financial crisis, but started to come back in 2021. […more]

  • Deciphering Valuation

    January 26, 2022

    Having worked with hundreds of investment managers, analysts and advisors over the past 25 years, I know valuation is an interesting topic. Virtually every investment manager and analyst acknowledges its significance, but almost instantaneously begins justifying why they don’t give it much importance in their process. I’ll note that rarely do investment professionals offer as the reason an admission that they have not really devoted the immense time and study required to deeply understand valuation. I’ll provide my perspective on what I will call common myths/misunderstandings, then I’ll turn to a few insights from our Intrinsic Value Database™ and provide our perspective to current market conditions. […more]

  • Quantitative vs. Fundamental Analysis: Finance’s 60 Year Schism

    August 24, 2021

    Quantitative investment strategies have intellectually dominated the financial industry for sixty years. In practice, however, fundamental analysis offers crucial advantages. Therefore, it’s time for the two camps to overcome their differences and work together. […more]

  • Rafael Resendes, on the Bloomberg Odd Lots podcast

    February 24, 2021
    Joe Weisenthal and Tracy Alloway from Bloomberg Markets, recently interviewed Rafael Resendes on How Most Value Managers Are Getting It All Wron‪g. Below are the links to listen to the interview. Link to Podcast on [...more]
  • Quantitative Value Investing is Broken

    February 17, 2021
    This article first appeared on RealClearMarkets.com February 17th 2021 “All truth passes through three stages.  First, it is ridiculed.  Second, it is violently opposed.  Third, it is accepted as being self-evident.”  Arthur Schopenhauer Our last [...more]
  • The False Bargain of Passive Investing

    July 14, 2020

    Today the irony continues, as the intellectual foundations in financial economics that underpinned Bogle’s incredible success are much less robust than they appeared in the early 70’s, yet the push for passive investing is stronger and more fervent than ever. For proactive, process-oriented, intelligent advisors this will create a great opportunity to distinguish yourself from the growing herd of “commodity” advisors who preach little more than fee minimization, rather than alpha generation or negative alpha avoidance. […more]

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