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Transcript: Heather Brilliant, Diamond Hill

The Big Picture

They are a publicly traded investment manager, stocks symbol DHIL, that have been public since day one since 2016. But there’s always gotta be some element of the valuation really being compelling. But maybe second to valuation as a primary consideration. Brilliant is CEO of Diamond Hill.

Investing 147
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Demystifying Systematic Fixed Income Investing

ClearMoney

Valuation theory helps us identify relevant factors by providing insights about differences in expected returns across stocks. 1 (January 2016): 69–103. 7Dave Plecha and Jacobo Rodriguez, “A Market-Driven Approach to Fixed Income” (white paper, Dimensional Fund Advisors, June 2016). 1 (January 2016): 69–103.

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Investment Perspectives - The Great Debate

Brown Advisory

equity funds in 2016 alone. On the upside, active managers are often reluctant to overweight or “chase” the leading stocks in the market because those stocks typically sell at premium valuations. It underperformed primarily during very strong markets, as might be expected given its discipline with regard to valuations.

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Investment Perspectives - The Great Debate

Brown Advisory

equity funds in 2016 alone. On the upside, active managers are often reluctant to overweight or “chase” the leading stocks in the market because those stocks typically sell at premium valuations. It underperformed primarily during very strong markets, as might be expected given its discipline with regard to valuations.

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Rude Awakening

Brown Advisory

The island’s economy has shrunk for nearly a decade and will probably contract by more than 1% during fiscal year 2015, according to a June report commissioned by Puerto Rico and co-written by Anne Krueger, a former first deputy managing director of the International Monetary Fund.

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Global Leaders Strategy Investment Letter: January 2024

Brown Advisory

Statistically, these are known as Type 1 errors of commission (or inclusion) having fallen for a false positive signal. Both types of error are due to a combination of either mis-assessing the business quality or its valuation (or both). nor on valuation and IRR in order to avoid type 1 errors of inclusion.

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Global Leaders Strategy Investment Letter: August 2023

Brown Advisory

At the margin, the factors can be a tailwind as experienced in 2017 and 2018 or a headwind as seen in 2016 and 2022, but when we look at attribution over the past three years in the chart below it shows over 100% of the strategy’s alpha came from individual investment selection or stock-picking as the factors combined were a net negative drag.