December 31, 2023 Quarterly Letter
Bigger does not always equate to better. Read J. Dale Harvey's thoughts on the positive contributions of mid-cap companies to long-term investment results. Our quarterly letter details Poplar Forest's consistent investments in mid-cap companies and approach to value investing.
Questions of Value — Are investors being compensated for the risk of a weakening U.S. consumer?
As we head into the holiday seasons, the health of the U.S. consumer is top of mind. In this memo, we discuss our approach to navigating a potential slowdown in consumer spending.
September 30, 2023 Quarterly Letter
Bigger does not always equate to better. Read J. Dale Harvey's thoughts on the positive contributions of mid-cap companies to long-term investment results. Our quarterly letter details Poplar Forest's consistent investments in mid-cap companies and approach to value investing.
June 30, 2023 Quarterly Letter
Investors and advisors need to beware of style drift, especially in this period where stock market results seem to be disconnecting from macroeconomic fundamentals. Our quarterly letter details Poplar Forest's consistent value approach to investing.
Questions of Value — Do Expectations for Employment, Interest Rates, and the Stock Market Add Up?
The stock market appears to be forecasting an upcoming economic environment that is meaningfully different than the signals being provided by the employment market and interest rates. Which expectations are correct? This paper discusses our thoughts on this disconnect and the types of companies we favor.
March 31, 2023 Quarterly Letter
It's no longer just a Value vs. Growth cycle. Paying attention to company fundamentals along with valuations will be the key to generating strong results looking forward.