Why Value Investing isn't obsolete

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  • Value Insights

The year 2020 has been nothing short of astonishing and the transpired events in the 1H 2020 will potentially change our society forever. The ongoing pandemic, declared as „the largest global public health crisis in a century“ led us to witness the sharpest 30% market decline ever and the highest volatility since the market crash of 1929. Once again this teaches us that the future remains largely unpredictable and we must remain humble and conservative when valuing investments. Within three months of the crash, we have witnessed some of the most peculiar comebacks, with a number of the world’s largest stocks surpassing their all-time highs by a hefty amount. This notion also seems displayed in the media.

The ensuing situation seems best described by CNBC/Berenberg’s humorous depiction of a Kangaroo market.

Rarely has the market seemed to be more of a voting than a weighing machine. A number of interesting – and perhaps value-defying – events have occurred, prominently:

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Goran Vasiljevic

Managing Director (CEO, CIO)

 

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