In this webinar, Abdulaziz A. Alnaim, Managing Director & Portfolio Manager, at Mayar Capital, will take us through their value investing framework, and how their strategy and process have evolved through the changing environment.
Over the past ten years, Value investing has underperformed significantly. However, Abdulaziz believes that reports of Value’s demise have been greatly exaggerated.
The big question of why this "value dip" has been so large, and has lasted for so long, remains unanswered. While some people have argued that it proves that the value premium never existed, the empirical data supporting the existence of a value premium is too strong to dismiss. Another argument being made is that value investing simply became a crowded trade, but that is inconsistent with Mayar's Strategy’s relative valuation widening and it isn’t supported by fund flow data either. A far more likely explanation, they think, is that the economy evolved and many value investors have not evolved with it.
If value investors continue to fixate on traditional valuation metrics, they will find themselves confined to an ever-shrinking part of the market and one that is not representative of the overall economy.
In this webinar, Abdulaziz will take us through Mayar's philosophy and approach to:
- Their approach to identifying and uncovering the true earnings power of the companies they invest in
- How they think about future cash flows and the role it plays in customer lifetime value