Whiskey stocks have been hit hard, with the blame usually falling on weakening demand: Gen Z drinking less, GLP-1 drugs, and cannabis substitution. But the real story may be supply, as years of pandemic-era overproduction now weigh on the industry. In this piece, Anindita Nag explores why the real opportunity for patient investors may lie in identifying diversified, well-financed spirits businesses built to outlast the adjustment.
Are we all, as Oscar Wilde put it, people who know “the price of everything and the value of nothing”? In this quarter’s insights, Richard Oldfield questions the market’s growing disconnect between price and value, asking when share prices rise by a couple of hundred percent in a year or less, could the value of these companies really have tripled too?
In a recent insight piece published by Investment Week, Portfolio Manager Sam Ziff unpacks the wildest value gap since 1999. While deep value globally trades 45% below its 40-year median, US growth is more expensive than at almost any point in history. The last time the gap was this wide, the crowded trade delivered a lost decade, and the forgotten corners of the market doubled.
Hyperscalers are projected to spend $5 trillion on AI infrastructure through 2030, but the revenue growth required to justify that investment would rival that of a major G7 economy. Drawing parallels to past technology booms like railways and fibre optics, Portfolio Manager Sam Ziff argues that while AI’s long-term impact is real, the infrastructure layer in the middle, where the hyperscalers sit, is where capital is most likely to be destroyed.
A core tenet of our philosophy is that starting valuations drive future returns. Low valuations reflect low expectations, and it is precisely that pessimism that creates opportunity. The reverse is equally true. Today, the US market trades at a level of valuation from which it has never delivered a positive real return over the following decade. In this short piece, Portfolio Manager Christoph Ohm sets out the data behind this.
In this video, Richard Oldfield, speaking at the Value Spain conference in March 2026, makes the case that US equity overvaluation and waning American exceptionalism are setting the stage for a golden age in international value investing, illustrating the opportunity through holdings Jardine Matheson and ArcelorMittal.
Click here to watch the recording.
In this interview with Value Investor Insight, Richard Oldfield and Sam Ziff describe the virtue they still see in low absolute valuations, why they’re comfortable with non-binary potential outcomes, what they learned from investing in a Russian oil company, and why they see unrecognised value today in Swatch, Merck KGaA, ArcelorMittal and RIT Capital Partners.
‘When the facts change, I change my mind,’ said John Maynard Keynes. ‘What do you do, sir?’
This quarter Richard Oldfield outlines why recent events haven’t weakened our conviction, they’ve reinforced it.
Oldfield Partners CIO Sam Ziff joins the Strand Global Macro podcast to explore the journey from analyst to portfolio manager, addressing how great investment ideas are generated and refined. Discover the mindset and discipline behind concentrated value investing, including how to maintain a rigorous margin of safety in complex markets.
A slightly autobiographical and heavily biased book about investing.
The Playbook introduces you to the industry-standard tools used by professionals globally to value companies and their shares.
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