Talk Your Book: Valuation Still Matters

28 snips

Jun 2, 2025

Join Don San Jose, Chief Investment Officer at J.P. Morgan’s U.S. Value Team, and Scott Blasdell, a Portfolio Manager, as they dive into the significance of value investing today. They discuss the necessity of assessing quality within value stocks and why proper valuation remains crucial. The duo also shares insights on the struggles of the wine industry and highlights investment opportunities in the healthcare sector, particularly mentioning Cigna. Get ready for a thoughtful exploration of strategies in today's evolving market!

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INSIGHT

Valuations Still Matter

Valuations still matter, with value stocks trading at a discount to growth stocks.
Earnings breadth has improved beyond just mega-cap growth stocks recently.

ADVICE

Combine Value And Quality

Combine valuation metrics with a quality focus to avoid value traps.
Deep research and experienced analysts differentiate active value management.

INSIGHT

Look Far Into The Future

Modeling company earnings out six to seven years helps avoid secular losers like fading industries.
Long-term outlook forces questions about enduring trends, reducing value traps.

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On this episode of Animal Spirits: Talk Your Book, ⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠ are joined by Scott Blasdell, Portfolio Manager and Don San Jose, Chief Investment Officer of the U.S. Value Team at J.P. Morgan to discuss what value means today, looking for quality within value, why valuation still matters, why the wine business is in trouble, and much more!

Find complete show notes on our blogs...

Ben Carlson’s ⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠

Michael Batnick’s ⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠

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