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By Léon KIRCH, Partner, Chief Investment Officer, European Capital Partners
The new decade did not start with fireworks in the portfolios of value investors, those scholars of Benjamin Graham and Warren Buffet picking stocks that are significantly undervalued compared to what they are estimated to be worth. As the ink of the many strategist reports forecasting for 2020 a return of the value style was not dry yet, these reports already became obsolete after geopolitical uncertainties arose with Iran and a viral outbreak with unknown impact on world trade and travel erupted. Investors reacted by sticking to their winning strategy of preferring ‘stable growth’ and disruptive businesses over their lowly valued counterparts. In January alone, MSCI World Value...
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