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Quarterly Market Review: 2020 Q1

April 22, 2020

The themes of this past quarter are certainly difficult to capture in a short write-up. As the COVID-19 virus and its accompanying fears circled the globe with drastic health care system and economic consequences, investors […more]

Valuation Dividend – Q4 2019 Quarterly Review

January 21, 2020

VALUATION DIVIDEND QUARTERLY REPORT: Q4 2019 Valuation Dividend™ returned 6.52% in 19Q4, vs. 7.41% for its benchmark Russell 1000 Value, on a total return basis. In 2019, the Valuation Dividend returned 24.92%, below the R1000 […more]

Reclaiming Value & Restoring its Place in Active Management

January 15, 2020

The insights delivered by this study are truly fascinating.  On one hand, the evidence that price multiples are incomplete in forming a definition of value is obvious, and this should align with intuition.  If broader market participants heed this advice, this study will have been a noble effort to improve the flow of accounting information and analyst forecasts into market prices.  On the other hand, there has never been obvious justification for measures of cheapness to define value in the first place.  Many investors simply use these factors out of convenience or tradition, while many others invest in products built upon them with little understanding of the classification error they introduce.  […more]

Value Expectations™ Cisco Systems

August 8, 2000

On Tuesday August 8, Cisco will announce its quarterly results. While Cisco has been a tremendous investment during the 90’s, the question facing portfolio managers today, is, “What am I paying for in today’s price?” […more]

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