Categories:
Value Investing, Evolved
Podcasts | June 30, 2020

CIO Austin Hawley discusses the dramatic underperformance of value stocks relative to growth stocks, why traditional definitions of value may need to evolve with the changing economy and why price is still an important factor in determining future returns.

(disclosure)

The views expressed are those of Diamond Hill as of June 2020 and are subject to change. These opinions are not intended to be a forecast of future events, a guarantee of results, or investment advice.

As of May 31, 2020, Diamond Hill owned Facebook, Inc. (Cl A) (equity) and Alphabet, Inc. (Cl A) (equity). As of March 31, 2020 Diamond Hill owned Netflix, Inc. (debt).

From smartphones to voice assistants, machine learning and AI techniques are becoming integral in our daily lives. Internet advertising analyst Varun Gupta examines why these technologies are central to Alphabet and Facebook’s success.

(disclosure)

The views expressed are those of Diamond Hill as of June 2020 and are subject to change. These opinions are not intended to be a forecast of future events, a guarantee of results, or investment advice.

As of May 31, 2020, Diamond Hill owned Facebook, Inc. - Class A (equity), Alphabet, Inc. - Class A (equity), Tencent Holdings Ltd. (equity), Berkshire Hathaway, Inc. - Class B (equity), Walt Disney Co. (The) (equity) and Microsoft Corp. (equity). As of March 31, 2020 Diamond Hill owned Netflix, Inc. (debt), Walt Disney Co. (The) (debt), Berkshire Hathaway Financial (debt) and Apple, Inc. (debt).

How Machine Learning Is Creating Value for Google and Facebook
Industry Perspectives: A Monthly Research Analyst Series | June 2020
By Varun Gupta, CFA
As long-term, intrinsic value-based investors, we constantly monitor how a company’s competitive moat might change in the future.

COVID-19 has created an unanticipated experiment in working remotely, a trend many have speculated could become the new normal. Real estate analyst Josh Barber explains what a return to the office would look like and what ongoing remote working could mean for our real estate holdings.

(disclosure)

The views expressed are those of Diamond Hill as of June 2020 and are subject to change. These opinions are not intended to be a forecast of future events, a guarantee of results, or investment advice.

As of May 31, 2020, Diamond Hill owned Facebook, Inc. - Class A (equity). As of March 31, 2020 Diamond Hill owned Twitter, Inc. (debt).

With high yield spreads materially narrower than the 1,087 basis point (bps) peak on March 23, many investors are asking whether the high yield market opportunity has already passed. A follow-on, related question is whether further, sharp disruptions could create...
The Power of Disruption…and Sound Fundamentals
International Perspectives: A Monthly Research Analyst Series | June 2020
By Grady Burkett, CFA
Understanding technological shifts and changes in consumer behavior is important when evaluating businesses, but we believe staying grounded in fundamental analysis is essential.
The solvency and strength of consumers remain open questions, given the historic unemployment spike since the onset of the COVID-19 pandemic. The 2008-2009 Great Financial Crisis (GFC) is often used as a measuring stick to evaluate consumers’...
Small Cap Stocks: Selective Opportunity
Investment Letters | May 29, 2020
As intrinsic value investors, we focus on evaluating businesses with a long-term time horizon. We build portfolios from the bottom up, irrespective of benchmark weights. That said, our fundamental research has periodically led us to identify opportunities in a specific...
Goodbye Offices? How Remote Working May Impact Commercial Real Estate
Industry Perspectives: A Monthly Research Analyst Series | May 2020
By Josh Barber, CFA
Looking forward, ongoing lockdowns and strict social distancing for one to two years would create a very difficult investment environment for real estate...

Portfolio Manager Bill Zox discusses the current opportunity set he sees in the high yield market and how recent intervention by the federal government has impacted the market.

(disclosure)

The views expressed are those of Diamond Hill as of May 2020 and are subject to change. These opinions are not intended to be a forecast of future events, a guarantee of results, or investment advice.

The ICE BofA U.S. High Yield Index tracks the performance of the U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by Diamond Hill Capital Management, Inc. ICE Data and its third party suppliers accept no liability in connection with its use. See diamond-hill.com/disclosures for a full copy of the disclaimer.

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