Group 1 - The current investment environment is characterized as extraordinary, with a 16-year bull market leading to S&P 500 valuations significantly above historical averages, making it challenging to find value [1] - A seasoned value investor with nearly 20 years of experience adopts a global approach to identify undervalued companies that provide a significant margin of safety, focusing on those with strong earnings and attractive dividend yields [2] - The investor is particularly interested in companies trading at less than 8 times free cash flow, indicating a strong potential for future growth [2]

Investment Strategy - The investor adopts a global approach to identify undervalued companies that provide a significant margin of safety, leading to attractive dividend yields and returns [1] - Focus is placed on companies that are well understood and can be reasonably assessed for future growth potential [1] Valuation Metrics - The investor shows particular enthusiasm for companies with a solid earnings track record that are trading at less than 8 times free cash flow [1]

Group 1 - REIT dividend yields are currently at their highest level in years [1] - Despite rising cash flows and dividend payments, REIT share prices (VNQ) have significantly declined [1] - This discrepancy has resulted in high dividend yields for REITs [1]