By
Borsgade
Thomas Shrager and colleagues at Tweedy, Browne provide an update on the stock market, their portfolios and share their reflections on selected positions.
Non-US equity markets, as represented by the MSCI EAFE Index, had broader participation, and performed quite well and have slowly been gaining ground on US equity markets. We are encouraged by this improvement in the performance of international equities and have continued to uncover new opportunities at home and abroad, particularly in smaller and medium capitalization industrial companies. […]
We still believe we are in the midst of a material shift in markets largely driven by stubbornly persistent inflation and interest rates, which we think will likely normalize over time at levels well beyond the zero bound of the last decade plus. As we have contended in numerous commentaries over the last couple of years, in such an environment, we believe price matters again […].
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