March 31, 2019

Inside This Issue


Scarcity Value

Matthew McLennan, Kimball Brooker, First Eagle Investment Management

Matthew McLennan and Kimball Brooker of First Eagle Investment Management describe how they assess "fade risk" in a number of industries, what makes them uneasy about the state of the world today, why their exposure to gold is higher than normal, and why they see mispriced value in Fanuc, Orkla, Schlumberger, Jardine Matheson and Weyerhaeuser.

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Built to Last

Chris Niemczewski, Marshfield Associates 

Chris Niemczewski and Chad Goldberg of Marshfield Associates explain the common denominator they see in highly resilient companies, what they look for in a company's culture, why they have a Chief Economist on their investment team, and what they think the market is missing today in Cummins, Strategic Education, Arch Capital and Moody's. 

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Strategy: Charles Lemonides

How to take advantage when valuations of both cheap and dear stocks appear to be overdone. 
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Uncovering Value: Reed's

Making the case that it's leaving a transformation phase and moving on now to "blossoming."
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Editor's Letter

Buying and really holding; Having no fear of drawdowns.
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Who's Behind VII?

John Heins, Co-Founder, Editor-in-Chief
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John Heins co-founded Value Investor Media, Inc. in 2004 and since then has served as its President and as the Editor-in-Chief of Value Investor Insight. In 2016, he took on an additional role as the C.T. Fitzpatrick Professor of Value Investing at the University of Alabama.