Bloomberg TV with Tom Keene
Bill Priest speaks about constructive capital allocation and the importance of free cash flow as today's most important metric in analyzing companies. (April 2012)
Epoch’s Capital Markets Outlook - Replay
April 19, 2012
Bill Priest and David Pearl provide insight on the factors influencing global economies and equity markets, including how developed countries are addressing excessive debt. They also discuss how we are positioning client portfolios in this environment. Click here to listen>
Earning the Return:
Are Global Income Oriented Stocks a Crowded Trade?
Are dividend-oriented investments a “crowded trade?” Valuations and interest rates can be interpreted differently, but in the end, high-quality companies with growing cash flows that consistently return capital to shareholders earn their return.
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We are global equity investors with a distinct perspective on the long-term drivers of shareholder return.
OUR INSIGHTS
Advantage from Perspective
Long-term investment success demands a focus on essential truths that are not always obvious. We focus on investing in companies with the enduring elements that create value: free cash flow and managements committed to providing positive returns to shareholders. Like the companies in which we invest, we are committed to transparency. This includes sharing our global market perspectives and insights that help drive our investment decisions.
OUR INVESTMENT PHILOSOPHY
Investors often view a company through the prism of accounting measures such as price-to-book value and price-to-earnings ratios. Epoch adopts a different approach. Earnings growth and dividends drive shareholder returns, and they come from a single source: cash flow. We focus on companies that are growing free cash flow and allocating it intelligently.
Reinvesting cash flows in internal projects or acquisitions is preferred when those actions will generate returns above the cost of capital. Otherwise, we believe company managements should return excess cash to shareholders through dividends, share buybacks or debt repayments.
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