May Update

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April Update

The daily performance of stocks this month has been about as predictable as the South and West regions of the NCAA basketball tournament. This month markets participants had to deal with rising interest rates, trade tariffs and a new $1.3 trillion-dollar government spending bill. I won’t go into details on each as they’re covered ad nauseum in other places. Before …

March Update

While reviewing current holdings and evaluating potential stock additions, I was taken aback (but not surprised) by the number of newly announced corporate stock repurchase programs. I quickly lost track of the number of $1 billion plus stock repurchase programs that I came across. As we saw with QE, corporations are plowing their newly found riches from the new tax …

February Update

Although 2017 was another rough year for value investing, The Worthington Stock Letter returned 24.24% for the year compared to 21.83% for S&P 500 and 16.99% for the Vanguard Value Index Fund– VIVAX. I’m very pleased with these returns as they were achieved in a year when value investing was out of favor, while holding at least 15% in cash …

December Update

While I’ve highlighted the large cash holdings of a few value investing legends due to current market valuations, the news coming out of the investment banks couldn’t be brighter. While many financial market metrics have reached or exceeded levels prior to the previous two financial crashes, the focus right now is on equity growth relative to alternative assets, which have …

October Update

While I would much rather read headlines proclaiming how great value investing has been performing, I’m equally appreciative of headlines such as the following recently run by Morningstar: “Is Value Investing Broken?” The reason being, as value investing falls out of favor, value stock valuations become more attractive, setting up the back drop for phenomenal potential returns going forward. The …

July Update

It’s no secret that loose monetary policy coupled with low interest rates, has helped propel the market to historic highs. While I still believe stocks are richly valued on traditional financial metrics, they appear fairly valued when compared to the 10-year Treasury Bond Yield taking profit margins, dividends and earnings growth into account. With the continued focus on low Treasury …