Concentration Construction Valuation 
Musings on Markets
AUGUST 19, 2024
In fact, the business life cycle has become an integral part of the corporate finance, valuation and investing classes that I teach, and in many of the posts that I have written on this blog. Advice on concentrating your portfolio and having a margin of safety, both value investing nostrums, may work with the former but not with the latter.
Barry Ritholtz
FEBRUARY 7, 2024
To find out more, I speak with Jeremy Schwartz, Global Chief Investment Officer of WisdomTree, leading the firm’s investment strategy team in the construction of equity Indexes, quantitative active strategies and multi-asset Model Portfolios. Dividends come from earnings, and so those are sort of anchors to valuation.
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Barry Ritholtz
AUGUST 16, 2022
And so that’s a really fertile, constructive environment for us to try and generate returns. But will it be volatile enough for it to be fertile for what we do and constructive for what we do? And last market question, so we’ve seen equity valuations come down. And all of those four sectors have been moving a lot.
Barry Ritholtz
DECEMBER 19, 2023
And when they look at a sector, they want to be long, the very best stocks at the best valuations they can, and short the worst stocks at the worst valuations. It was there that we learned a unique and differentiated approach to portfolio construction and invest in where the output was an on uncorrelated alpha return stream.
Barry Ritholtz
FEBRUARY 12, 2024
And since we’re looking for narratives as opposed, and then do valuation work second as opposed to cheap, we don’t screen. You’re outperforming, you’re, you’re putting up good numbers that’s on a concentrated portfolio and it’s 10, 15, 20 stocks are the drivers. Real really interesting.
Musings on Markets
SEPTEMBER 9, 2024
In parallel, I also noted that investors have to change the way they value and price companies, to reflect where they are in the life cycle, and how different investment philosophies lead you to concentrated picks in different phases of the life cycle.
Barry Ritholtz
AUGUST 15, 2023
It’s much more about security selection and a relatively static portfolio construction. What’s the valuation? So that comes out in position sizing and conviction and just making sure that you’re thinking about all the things that could go wrong if you’re taking a more concentrated position in something.
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