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MiB: Ken Kencel, Churchill Asset Management

The Big Picture

He launched the Churchill Financial Group in 2006, which was purchased by PE giant The Carlyle Group in 2011. Known as the Dean of Valuation, he teaches Corporate Finance and Valuation to the MBA students at Stern where he has been voted “Professor of the Year” by the graduating M.B.A. class nine times.

Assets 174
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Revisiting the Market Valuation in the Wake of This Year’s Decline

Validea

With the S&P 500 now close to 20% off its highs, I thought now might be a good time to look to our market valuation tool to see where things stand. But before I do that, I wanted to first cover two caveats I always put in articles about market valuation. With that all being said, let’s look at the current valuation data.

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Private Credit Outshines Many High-Valuation Stocks, Bonds

Brown Advisory

Private Credit Outshines Many High-Valuation Stocks, Bonds. With interest rates at record lows and many publicly traded bonds and stocks approaching historically high valuations, private credit has become increasingly attractive to investors because of its total return prospects, steady income and role in diversification.

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Small Cap Value: Waiting for the Jumpstart

Validea

By Justin Carbonneau ( Twitter | LinkedIn | YouTube ) — Over the past few weeks, I’ve seen a number of charts highlighting the opportunity in small-cap stocks given their absolute and relative valuations. As you can see, small/mid-cap value has rarely been so cheap (our data goes back to 2006). Only 12.4% Only 11.7% Only 33.4%

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Three Things I Think – Midweek Reading

Discipline Funds

And then the housing bubble expanded and I became very bearish about the economy around 2006. All that scaremongering about the national debt, QE, valuations, Capitalism, etc. Then the financial crisis happened and I became even more negative about everything. All of my early investing experience was trial by fire.

Economy 96
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The Contrarian’s Guide: Inside David Dreman’s Value Investment Strategy

Validea

Beyond Cheap: Quality Matters While valuation was crucial, Dreman wasn’t interested in just any cheap stock. The strategy showed particular strength in 2003, 2004, and 2006, with returns exceeding 30% in each of those years. Defining a Contrarian Stock How exactly did Dreman identify contrarian opportunities?

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Revisiting the Case Against Value Investing

Validea

This would narrow the valuation spread between value and growth stocks because value stocks would become more expensive and growth stocks less expensive. It is in the 7 th percentile for the period beginning in 2006. Because we can calculate these spreads on a daily basis, we have a way of testing whether this is happening.

Investing 119