Michael Wursthorn
speaker
1,567 appearances
29 recordings
1 series
first heard Jul 2017
last heard Nov 2021
Michael Wursthorn’s voice in public audio — every appearance, attributed to the second.
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Appearances
It's not just so much these older metrics.
So they've really had to think about what other types of indicators or ways to show that a company may have a potential to have an incredible rise in value, but just got to be in this new age that we're in right now with the stock market that's really taken place since the financial crisis.
That's where you've seen the real performance in this market.
Growth companies like Facebook and Google have contributed significantly to the rally over the last nine years.
So for a lot of value investors who have seen, say, less than 1% returns year over year, and mind you, that's also when the S&P 500 is rising 15%, 16%, largely thanks to Netflix, Amazon, or Google, that value investors have had to say,
For us to survive, for us to be able to attract money from investors, we just can't keep doing things the same way.
So you've seen a lot of value investors then take on Facebook, Alphabet, Google, and put that all into their portfolios, and it's helped them a lot.
But to a pure value investor, they do call that cheating in some ways.
So you do have this tension within the value community as whether this is the right way to go.
For the value investors to have the best returns, they think it is.
And that's where when I was mentioning in terms of value investors having to look at how they construct their portfolios and how they execute on those portfolios very differently, how they're taking a new approach.
So one example is.
Value investors now, in many cases, have held on to, say, a particular investment for three years.
They didn't largely touch that investment.
They just waited for it to appreciate over that time.
Value investors, really, they just can't do that anymore, that there's a lot more event-driven trading.
So in the case of banks, for example, every year they'll do stress tests.
And you do have some value investors now that are trying to figure out which of those banks may do really well on those stress tests, may show incredible growth in capital appreciation, incredible growth in dividends.
And what they're doing then is that they're doing more day-to-day trading during those periods.
So they're not maybe getting rid of entire stake, but you're seeing the size of those positions change up or down.
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