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.
‘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.
As global trade fractures, tariffs and industrial policy are quietly reshaping cost structures. Portfolio Manager Sam Ziff asks not whether tariffs help or hinder growth, but who wins. The answer could lie in sectors like steel, chemicals, and autos, where attractive valuations may finally meet a powerful new catalyst.
Richard Garstang, co-PM for the International Strategy presented at Value Invest New York. Showcasing our fundamental, long-term approach, amidst a market focused on AI hype, the presentation focused on portfolio companies Pason and Whitbread.
In this wide-ranging interview with Bogumil Baranowski on Talking Billions, Richard Oldfield draws on the key points made in his book, pressing on the case for a patient approach to active management. Now available in full across Spotify, Apple, YouTube, and Substack. Click here for access.
UK equities are priced for disappointment, yet history shows low expectations can create opportunity. Portfolio Manager Harry Fraser explores why even modest improvement can drive performance. Read on to see where we find opportunity in the UK today.
Rising Chinese competition and margin pressure are reshaping the automotive industry. Portfolio Manager Christopher Ohm examines the impact on European automakers and how Oldfield Partners is investing through resilient supply-chain businesses and incumbent recovery.
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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