Core Insights - The stock market is reaching new all-time highs, resulting in valuations that exceed historical averages [1] - A shift towards short-term bonds is being considered for diversification in the current investment climate [1] - The focus is on identifying undervalued companies with strong earnings and significant margins of safety [1] Company and Investment Strategy - The investment approach is global, targeting companies that are well understood and assessed for future growth potential [1] - Companies with a solid earnings track record trading at less than 8 times free cash flow are particularly appealing [1]

Group 1 - The S&P 500 and NASDAQ are reaching new all-time highs, making it increasingly difficult to find stocks trading below intrinsic value [1] - Philipp, a seasoned value investor, focuses on undervalued companies with a significant margin of safety, leading to attractive dividend yields and returns [2] - Philipp is particularly interested in companies with a solid earnings track record trading at less than 8x free cash flow, which reflects his investment philosophy [2] Group 2 - The article emphasizes a global approach to investment opportunities without limiting to specific sectors or countries, focusing on companies that are well understood [2]

Group 1 - Business Development Companies (BDCs) are attractive to investors due to their potential for double-digit dividend yields alongside value stability or gradual growth [1] - Theoretically, if BDCs can maintain approximately 10% distributions without structural price or Net Asset Value (NAV) decay, they present a compelling investment opportunity [1] Group 2 - Roberts Berzins has over a decade of experience in financial management, aiding top-tier corporates in shaping financial strategies and executing large-scale financings [1] - Berzins has contributed to institutionalizing the Real Estate Investment Trust (REIT) framework in Latvia to enhance liquidity in pan-Baltic capital markets [1] - His policy-level work includes developing national State-Owned Enterprise (SOE) financing guidelines and frameworks to channel private capital into affordable housing [1]

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]