30 Oct 2019 Sound Shore Q3 2019 Commentary ( Portfolio )

"Since the 2008 financial crisis, equity markets have grown increasingly averse to uncertainty, as the global buildup of $17 trillion of negative yielding debt, periodic industrial recessions, and trade and political friction have eroded the appetite for longer-term investment horizons. Indeed over the last 12 months, this condition has reached a crescendo with yield- and stability-hungry investors seeking shelter, regardless of value. In the process, they have bid up the price-earnings multiples for utility and consumer staples stocks to more than 20 times, and the REITs to more than 40 times"