This week SK Hynix raised $25 billion listing an ADR while momentum stocks were choppy. AI stocks struggle to make new highs as capital raises absorb liquidity. Value has the cashflow to support stock prices.

What worked? Staying the course, focusing on fundamentals, and refusing to have FOMO.

What didn't work? Traditional value investing continues to suffer. Instead, demanding a catalyst like an opportunistic stock repurchase has yielded better results over the past five years.

On the Hunting Trail for Value

Companies with 10% free cash flow to market cap yields are better able to reward shareholders than momentum stocks trading at 5x higher valuations. This difference compounds as high free cash flow companies return cash to shareholders and investors are able to reinvest.

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