The Best Investment Writing Volume 5: Greg Obenshain, Verdad Advisers – Sales and Distributions: How revenue growth and distributions drive equity returns
The Meb Faber Show - Better Investing
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Low Growth Value Destroyer vs Value Investing
Value investing is premased on the idea that multiples drive the majority of stock market volatility. Investors have traditionally overpaid for growth from sales relative to growth from distributions, which are more predictable. Over the long term, ignoring everything else and just focusing on multiples turns out to be the most profitable strategy,. though it does require annual balancing into the cheapest companies.
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