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cover of episode Talk Your Book: Valuation Still Matters

Talk Your Book: Valuation Still Matters

2025/6/2
logo of podcast Animal Spirits Podcast

Animal Spirits Podcast
AI Deep Dive AI Chapters Transcript
People
D
Don San Jose
M
Michael Batnick
作为 Ritholtz Wealth Management 的管理合伙人和研究总监，Michael Batnick 是一位知名的投资专家和播客主持人。
S
Scott Blasdell
Topics
Michael Batnick: 过去，价值投资意味着寻找那些估值低于其现金储备的公司。但如今，这种机会已经很少见。现在的价值投资组合与过去相比已经发生了很大变化，更多地关注蓝筹股和质量。现在通过ETF购买一篮子廉价股票变得非常容易，这在以前是难以想象的。 Don San Jose: 股票估值仍然很重要，尽管市场可能受到资金流动的影响。多元化投资是关键，尤其是在市场波动时。摩根大通提供全方位的价值产品，并由经验丰富的团队支持。我们专注于寻找价值基准中的优质公司，并将估值与质量相结合，以避免价值陷阱。 Scott Blasdell: 为了使价值投资有效，需要展望未来，对公司未来六到七年的收益进行建模。这有助于避免长期输家。较高的利率通常有利于价值股，但这种影响可能不会每年都显现出来。我们通过财务和非财务指标来评估质量，并关注管理团队的资本配置能力。我们也会剔除那些质量最低的公司。

Deep Dive

Chapters
The discussion starts by revisiting the evolution of value investing, contrasting historical approaches with modern strategies. The panelists discuss how the availability of ETFs and changes in market dynamics have altered the landscape of value investing and the importance of diversification in today's market.
  • Value portfolios today differ significantly from those of 20 years ago.
  • The rise of ETFs has made accessing value stocks easier.
  • Diversification is crucial, as seen in instances where value stocks outperformed growth stocks.

Shownotes Transcript

On this episode of Animal Spirits: Talk Your Book, ⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠) and ⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠) are joined by Scott Blasdell, Portfolio Manager and Don San Jose, Chief Investment Officer of the U.S. Value Team at J.P. Morgan) to discuss what value means today, looking for quality within value, why valuation still matters, why the wine business is in trouble, and much more!

Find complete show notes on our blogs...

Ben Carlson’s ⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠)

Michael Batnick’s ⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠)

Feel free to shoot us an email at ⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠) with any feedback, questions, recommendations, or ideas for future topics of conversation.

Check out the latest in financial blogger fashion at The Compound shop: ⁠⁠⁠⁠⁠https://www.idontshop.com⁠⁠⁠⁠⁠)

Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:

⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠)

The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠), receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠).

J.P. Morgan Disclosure:

Investing involves risks, including loss of principal.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

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