There’s often debate about whether this is a better time for growth or value investors, but one top investor feels this is a pretty good time for their value principles.
At the recent Capstone Student Investment Conference (CSIC), C.T. Fitzpatrick of Vulcan Value Partners said the opportunity set for them at Vulcan Value is “surprisingly good right now.” Although he couldn’t give a reason for that, he did credit their excellent research team.
Elevated valuations
Fitzpatrick noted that valuations are elevated right now in general, and returns have been concentrated in the Magnificent Seven. However, they are finding some opportunities by digging deeper. According to Fitzpatrick, the marginal opportunity now is around 70 to 80 cents on the dollar, which is good...
