Is There Value In Value Investing

January 2019 Newsletter | We believe that buying companies for less than they are worth is the best approach to long term value creation. This typically occurs when the market is negatively predisposed, focused on short term issues that are likely to prove temporary in nature, and making pessimistic assumptions about future cash flows. In our opinion the outperformance of growth over value as an investment style is cyclical rather than structural. In this edition we discuss the relative performance of value-based and growth-oriented investment strategies.