Soundbites

Soundbites briefly explore what’s on Sionna managers’ minds.

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Value Earnings Outpace Growth Earnings

November 2019

Stephen Jenkins, outlines a surprising discrepancy that adds further support to the case for value.

The Value Minsky Moment is Near

November 2019

Kim Shannon discusses the extreme spread between value and growth, reminiscent of the year 2000.

Hype Indicator Suggests Caution

October 2019

Kim Shannon shares her observations about the growth of IPOs with negative earnings.

Dispersion Shows How Relatively Attractive Underperforming Value Is

October 2019

Kim Shannon shares her observations about a chart outlining the current dispersion between growth and value.

Might the Tech Lash Lead to a Tech Bust

March 2019

We recently read “Unicorns, Cheshire Cats and the New Dilemmas of Entrepreneurial Finance?”, authored by Martin Kenny and John Zysman of the Berkeley Roundtable on the International Economy, with great relish. In the paper, the researchers actively challenge the belief that the continued growth and dominance of winner-take-all business models are inevitable.

Classic Contrarian Value Opportunity, or a Disruption Trap?

November 2018

In the search for excess returns, investors chase disruptors that they believe will transform the way businesses operate. High-quality investment opportunities are being discarded in their wake, which is great news for contrarian investors like Sionna. We aren’t blind to disruption in the economy and industry. But, we also recognize when things go too far, too fast. Kim Shannon recently delved into this topic and revealed a current stock we believe the market has dramatically overlooked. This stock is inexpensive on a price-to-earnings basis and is trading almost 50 percent below its all-time high. Curious?


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