In two years, relative to the S&P 500 index, the median stock’s Price/Cash Flow ratio has swung from a 15% premium to a 19% discount. That’s only a point above our 10th-percentile undervaluation threshold. Prior breaches of that level always coincided with better times for active management—we expect this time will be no different.
Feb
07
2025
The Silver Lining Of A Narrow Market
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