Deep value investor Andrew Wellington on predicting earnings, value multiples and Mag 7 | S07 E08
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meeting is being live streamed. That means it's value after hours. Somehow the stream is working. Never know how it's gonna work. I'm Tobias Carlisle, joined as always by my co host, Jake Taylor. Our special guest today is Andrew Wellington of Lyrical Lyrical Partners. Andrew? Lyrical
Asset Management.
Lyrical Asset Management. I had Andrew on when we're doing the recorded ones. You haven't been on the live one, so welcome to Value After Hours. It's
good to be here. I'm a avid listener. I
like to hear that. Let's discuss very quickly. Can you talk a little bit about Lyrical and perhaps your focus and and how you may differ from from other firms?
Yeah. Lyrical Asset Management is a classic value investing investment boutique. We're based in New York. We manage just under $8,000,000,000 Our longest product is our US value portfolio. We're now in our seventeenth year managing that product. And in 02/2009, we expanded what we do and we applied the exact same process we've been running in The US to the developed markets outside The US. So for the last five plus years, we've also been running an international and the international combined with our US portfolio is our global portfolio. We also have one other variant, which is, a subset of o
do you characterize your process or your strategy? What are you looking at that distinguishes you from other people?
So I think what really distinguishes Lyricle from all of our peers, and maybe take a big step back, We're still what I would call deep value investors. I know that's a dirty word these days. People are running away from that label. We'll gladly be the last people out there labeling themselves as deep value. And so, the average PE of our portfolio at year end was 12. That's about 10 multiple points less than the S and P 500. That's real value, not one of these value and name only kind of products out there that's really more garpy. But what's really- Vino. That's a good one. Never
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