Each month, we break down topics related to value investing. Have a question? Reach out to us. If the intrinsic value of an asset at a single point in time is only part of the picture, how do you figure out the rest? Some approaches to value investing seem to lean heavily on formulas and metrics, like price-to-earnings (P/E) ratio, for example. Is that enough to give you a complete picture? Short answer: no. Those kinds of metrics can be helpful, but they’re incomplete, and I

Each month, we break down topics related to value investing. Have a question? Reach out to us. Winter storm (“Winter Storm Uri”) in Texas in late 2020 caused havoc in the energy markets. Some of the problems that fed into the statewide power outages were predictable, but others may have been surprising or unknown. How can investors account for so-called “unknown unknowns” – risk factors you don’t even know exist, much less what degree of risk they pose – and the risk they cre