In This Market Focus on Base Hits, Not Home Runs

During their latest episode of the VALUE: After Hours Podcast, Taylor, Carlisle, and Pavese discussed In This Market Focus on Base Hits, Not Home Runs. Here’s an excerpt from the episode:

Chris: Things are getting interesting.

Tobias: What’s interesting? What are you seeing that’s interesting?

Chris: Well, I was listening to a few of your calls before this. I know you guys talked a bit about small cap, right? Small caps have gone nowhere in five plus years.

Tobias: I think it’s like 25 years.

Chris: You could say the same for China. I think MSCI China, since inception, is basically flat, or at least it was– Last time I looked at it, it might be down now. Who knows? With markets, what was interesting is, well, it’s a little bit different now with the S&P up, what, mid-single digits this year. But there was a point where NASDAQ was up, I don’t know how high at the peak, but all driven by a handful of stocks, and the rest of the market is eventually flat to down. So there’s things to do, there’s things to buy, there’s still plenty of fluff out there if you’re not careful, people get run over every day.

I think the name of the game, good example of what Charles Ellis called Winning the Loser’s Game. I think this is the type of market where you don’t want to swing for the fences. Just focus on getting on base, and not striking out and not making too many mistakes is name of the game right now, which is a lot different than the game that people have been playing for the last decade or so.

Jake: Yeah. Buy[?] every dip.

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