• Trends with Benefits

    Stock Selection and Valuation with Andrew Lane

    Ed Lopez, Head of ETF Product
     

    In this episode I visit with Andrew Lane, Director of Equity Research, Index Strategies with Morningstar to discuss his experience as an equity research analyst with Morningstar, Morningstar’s Wide Moat approach to stock selection and valuation and whether valuation even matters in today’s markets.

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    Moat Investing

    This was a good opportunity to explore the moat investing philosophy with someone who’s not only been an equity research analyst at Morningstar, but who also led their Economic Moat Committee for a time. We discuss his background and becoming an equity research analyst, the tenets of the moat philosophy and process.

    One key attribute of the moat methodology is Morningstar’s assessment of a stock’s fair value. It incorporates forward-looking estimates of a company’s worth to help judge whether or not now is the right time to allocate to it. So much of financial media is busy discussing the dynamic of growth versus value like looking in a rear-view mirror. By defining growth and value with backward looking metrics such as price-to-earnings or price-to-book, investors may be boxing themselves into a corner by having to make decisions between the two when perhaps what’s more important is simply valuation. In today’s market, does valuation even matter anymore? We chat about that too.

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    For informational and advertising purposes only.

    This information originates from VanEck (Europe) GmbH which has been appointed as distributor of VanEck products in Europe by the Management Company VanEck Asset Management B.V., incorporated under Dutch law and registered with the Dutch Authority for the Financial Markets (AFM). VanEck (Europe) GmbH with registered address at Kreuznacher Str. 30, 60486 Frankfurt, Germany, is a financial services provider regulated by the Federal Financial Supervisory Authority in Germany (BaFin). The information is intended only to provide general and preliminary information to investors and shall not be construed as investment, legal or tax advice. VanEck (Europe) GmbH and its associated and affiliated companies (together “VanEck”) assume no liability with regards to any investment, divestment or retention decision taken by the investor on the basis of this information. The views and opinions expressed are those of the author(s) but not necessarily those of VanEck. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. All indices mentioned are measures of common market sectors and performance. It is not possible to invest directly in an index.

    All performance information is historical and is no guarantee of future results. Investing is subject to risk, including the possible loss of principal. You must read the Prospectus and KIID before investing.

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  • Authored by

    Ed Lopez
    Head of ETF Product

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