A fork in the road
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We are value investors for many reasons, one of which is that establishing an estimated intrinsic value provides an anchor or a solid point of reference from which the turbulence of markets can be viewed dispassionately.

Although, value investing does have its limitations. How, for example, can a value investor win when there is nothing cheap enough to buy in the first place?

During one of my regular ABC interviews, I was asked two questions.  The first, why the market had faltered in February, particularly when the outlook for growth is so strong?  The second, whether the market falls had us picking up a few bargains. Given the importance of investing to retirement outcomes, it is unlikely my radio host is the only person stewing on those questions.

The short answer to both questions is quite straightforward; firstly, sentiment shifted, and secondly, no, not yet.


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