{"id":5669,"date":"2023-07-13T13:58:28","date_gmt":"2023-07-13T12:58:28","guid":{"rendered":"https:\/\/qualitygrowthinvestor.com\/newyork\/?page_id=5669"},"modified":"2024-04-17T09:41:58","modified_gmt":"2024-04-17T08:41:58","slug":"qg-quarterly-issue-9","status":"publish","type":"page","link":"https:\/\/qualitygrowthinvestor.com\/newyork\/qg-quarterly-issue-9\/","title":{"rendered":"Quality Growth Quarterly Issue 9"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"5669\" class=\"elementor elementor-5669\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-788bd6a5 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"788bd6a5\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c253371\" data-id=\"c253371\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-62cd1600 elementor-widget elementor-widget-heading\" data-id=\"62cd1600\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Quality Growth Quarterly<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-597a551f elementor-widget elementor-widget-heading\" data-id=\"597a551f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Through our own research, we gather material and publish a periodic summary<div>called <span class=\"s1\">\u201c<\/span>Quality Growth Quarterly<span class=\"s1\">\u201d<\/span>.<\/div><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4db8c4de elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4db8c4de\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-436093ed\" data-id=\"436093ed\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-33164e7 elementor-widget elementor-widget-spacer\" data-id=\"33164e7\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-109f6c45 elementor-widget elementor-widget-heading\" data-id=\"109f6c45\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">QUALITY GROWTH QUARTERLY ISSUE 9<br> JULY 2023<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6bdd71e7 elementor-widget elementor-widget-text-editor\" data-id=\"6bdd71e7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>In the 9th edition of Quality-Growth Quarterly we feature an article from Nick Train, Michael Mauboussin and Dan Callaghan&#8217;s latest Consilient Observer research on ROIC, a Howard Marks Memo titled <em><b>&#8220;Taking the Temperature&#8221;<\/b><\/em>, Quilter Cheviot&#8217;s Nick Wood with a 2023 commentary titled <em><b>&#8220;Halfway Through&#8221;<\/b><\/em>, a JP Morgan Investment Outlook, a Guinness Global Investors presentation titled\u00a0<i style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif\"><b>&#8220;Quality growth opportunities in the semiconductor sector&#8221;<\/b><\/i><span style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif\">, Credit Suisse&#8217;s Family 1000 Database, a Peter Tasker article titled <\/span><em style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif\"><b>&#8220;Learning To Love Inflation: The Japanese Experiment&#8221;<\/b><\/em><span style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif\">, a Behavioural Investment article titled <\/span><em style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif\"><b>&#8220;What the CIA Can Teach Investors&#8221;<\/b><\/em><span style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif\">; a Goldman Sachs report suggesting Generative AI could give a significant boost to global GDP &#8211; <b>plus 6 other articles, videos and podcasts<\/b>.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b8b31bb elementor-widget elementor-widget-video\" data-id=\"b8b31bb\" data-element_type=\"widget\" data-settings=\"{&quot;video_type&quot;:&quot;vimeo&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<iframe class=\"elementor-video-iframe\" allowfullscreen allow=\"clipboard-write\" title=\"vimeo Video Player\" src=\"https:\/\/player.vimeo.com\/video\/727704789?color&amp;autopause=0&amp;loop=0&amp;muted=0&amp;title=1&amp;portrait=1&amp;byline=1#t=\"><\/iframe>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5dc23663 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5dc23663\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-161e2b62\" data-id=\"161e2b62\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-47bfa970 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"47bfa970\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a6b7a elementor-widget elementor-widget-heading\" data-id=\"7a6b7a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">NICK TRAIN: \"UNINTENDED CONSEQUENCES\"<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d2dc72c elementor-widget elementor-widget-text-editor\" data-id=\"3d2dc72c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;Amidst the recent reportage about the winnowing out of the UK stock market, I was particularly struck by William Hague\u2019s article in The Times in March. He somewhat shamefacedly quotes an expert on the pension industry who notes the UK has become &#8216;the only major economy where local pension funds have in effect abandoned investment in domestic companies.&#8217;\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5875d776 elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"5875d776\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.lindselltrain.com\/application\/files\/6416\/8017\/1992\/Unintended_Consequences_-_March_2023.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW PDF<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f7e9554 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"f7e9554\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7655c45f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7655c45f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6745d57\" data-id=\"6745d57\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-62549de4 elementor-widget elementor-widget-heading\" data-id=\"62549de4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">CONSILIENT OBSERVER JUNE 2023: ROIC AND THE INVESTMENT PROCESS<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5beb0099 elementor-widget elementor-widget-text-editor\" data-id=\"5beb0099\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;We start with ROIC results for firms in the Russell 3000, excluding companies in the financial and real estate industries, from 1990 to 2022. The Russell 3000 tracks the performance of the largest 3,000 U.S. public companies. By convention, we exclude certain industries because their accounting is different than the rest. Data are also missing for some companies. These adjustments reduce our sample size to the range of roughly 1,600 to 2,100 for each year.&#8221;<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4e17a9c7 elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"4e17a9c7\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.morganstanley.com\/im\/publication\/insights\/articles\/article_roicandtheinvestmentprocess.pdf?1689239266168\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW PDF<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8dcdd4a elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"8dcdd4a\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ba6cc06 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ba6cc06\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-aebade2\" data-id=\"aebade2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f9d4f58 elementor-widget elementor-widget-heading\" data-id=\"f9d4f58\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">QUALITY GROWTH OPPORTUNITIES IN THE SEMICONDUCTOR SECTOR<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-62d3ca5 elementor-widget elementor-widget-text-editor\" data-id=\"62d3ca5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;It has been a rewarding year for those seeking quality growth opportunities in the semiconductor sector. Artificial intelligence \u2013 one of nine growth themes we use to assemble the Global Innovators universe \u2013 caught investors\u2019 imagination even before Nvidia\u2019s blow-out results which sent big tech stocks soaring. From a quality growth perspective, however, the AI theme looks set to accelerate the opportunities in areas such as the semiconductor equipment companies, whose financials and growing return on capital already made them attractive, as we discussed at last year\u2019s conference.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ace420a elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"ace420a\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/image.s51.sfmc-content.com\/lib\/fe3411737364047e771c70\/m\/1\/9ae148b3-7a3c-4726-8212-156daaf87f62.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW PDF<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-763ccf5 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"763ccf5\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3ffeb01 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"3ffeb01\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3b449e6a\" data-id=\"3b449e6a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a39a257 elementor-widget elementor-widget-heading\" data-id=\"a39a257\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Quality Growth Investor Conference<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca212cd elementor-widget elementor-widget-heading\" data-id=\"ca212cd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><span class=\"elementor-heading-title elementor-size-default\" style=\", sans-serif;line-height: 1;font-size: 25px\">Thursday 21st September 2023<br>Queen Elizabeth II Conference Centre, Westminster<\/span><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3975f23f elementor-button-info elementor-align-center elementor-widget elementor-widget-button\" data-id=\"3975f23f\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.addevent.com\/event\/Pl16159335+outlook\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">SAVE THE DATE<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-74db2628 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"74db2628\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-27b981d7\" data-id=\"27b981d7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-064785d elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"064785d\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c87b4da elementor-widget elementor-widget-heading\" data-id=\"c87b4da\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">JULY MEMO FROM HOWARD MARKS: TAKING THE TEMPERATURE<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-30a512ba elementor-widget elementor-widget-text-editor\" data-id=\"30a512ba\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;As I think about growth, there are the more proven secular leaders, like [Google owner] Alphabet [GOOGL], Facebook [FB], Amazon.com [AMZN], and Alibaba Group Holding [BABA]. Given their valuation, growth, and cash generation\u2014and their competitive advantages\u2014you can hardly find better long-term values. Facebook, for example, trades at about 21 times next year\u2019s earnings, and crushed revenue-growth expectations in the most recent quarter. People expect that to decline, but it should still grow [revenue] around 20%.&#8221;<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-359a8dcc elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"359a8dcc\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.oaktreecapital.com\/docs\/default-source\/memos\/taking-the-temperature.pdf?sfvrsn=93bb5366_6\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW PDF<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a66d7ac elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"2a66d7ac\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-419758bb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"419758bb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-414ce66f\" data-id=\"414ce66f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1726316e elementor-widget elementor-widget-heading\" data-id=\"1726316e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">QUILTER CHEVIOT'S NICK WOOD: \"HALFWAY THROUGH\"<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f83b2b4 elementor-widget elementor-widget-text-editor\" data-id=\"6f83b2b4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;Nowhere have we seen such a reversal of fortunes as in the tech world, which came back with a bang following a difficult 2022. Ultimately, it has one thing to thank for this U-turn in performance, generative artificial intelligence (AI). Roll back to the end of last year and it is likely very few had heard of ChatGPT, but it has rarely left the headlines since January. This has fuelled some extreme positive share price movements in a subset of technology stocks, not least Nvidia and Microsoft. More broadly, this has resulted in growth indices and funds generally outperforming their value peers, something that seemed unlikely at the start of the year with both interest rates and inflation still rising.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-323028d0 elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"323028d0\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.quiltercheviot.com\/news-and-views\/articles\/halfway-through\/?memberurlid=2R55180999213P2744&#038;Region=uk&#038;Role=char\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">READ MORE \/ LISTEN<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-68a676a6 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"68a676a6\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5ce18563 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5ce18563\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5dce018b\" data-id=\"5dce018b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-62eda496 elementor-widget elementor-widget-heading\" data-id=\"62eda496\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">PETER TASKER: LEARNING TO LOVE INFLATION: THE JAPANESE EXPERIMENT<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72ee0ec1 elementor-widget elementor-widget-text-editor\" data-id=\"72ee0ec1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;From the mid-1980s to 2020, the global economy encountered a long wave of disinflation caused by globalisation, particularly the vast new supply of labour in China, the internet and the tough policies of inflation-fighting central banks. This was excellent news for inflation-prone countries like the UK, but had the effect of driving Japan, which had conquered inflation long before, into outright deflation of a mild but chronic sort. The necessity of maintaining a massively overvalued currency to please the U.S. all through the two &#8216;lost decades&#8217; compounded its economic woes.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf56ce9 elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"cf56ce9\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/arcusinvest.com\/wp-content\/uploads\/Learning-To-Love-Inflation.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW PDF<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-287b2b7f elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"287b2b7f\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5d53f571 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5d53f571\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-413618cc\" data-id=\"413618cc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1262b113 elementor-widget elementor-widget-heading\" data-id=\"1262b113\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">JP MORGAN MID-YEAR INVESTMENT OUTLOOK 2023: TOO GOOD TO BE TRUE<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-413741be elementor-widget elementor-widget-text-editor\" data-id=\"413741be\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;2023 is turning out to be a better year for economies than we had envisaged, but we still believe a recession is more likely than not. Given the rally we\u2019ve seen in both stocks and bonds since the start of the year, we\u2019re therefore more inclined to be well diversified with a focus on quality. Against this backdrop, we believe that investors should look to boost the resilience of equity portfolios by focusing on a combination of high-quality names, strong dividend payers and regional diversification.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-70281720 elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"70281720\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/am.jpmorgan.com\/content\/dam\/jpm-am-aem\/global\/en\/insights\/market-insights\/mi-investment-outlook-uk-en.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW PDF<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f366481 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"2f366481\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5f7481f7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5f7481f7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-18bd7a7b\" data-id=\"18bd7a7b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-58e03d36 elementor-widget elementor-widget-heading\" data-id=\"58e03d36\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">CREDIT SUISSE FAMILY 1000 DATABASE<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6b28b1f elementor-widget elementor-widget-text-editor\" data-id=\"6b28b1f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;Our CS Family 1000 database is a list of family businesses that have been identified as fulfilling one or both criteria: the founder or his or her family owns at least 20% of the company\u2019s share capital or the founder or his or her family owns at least 20% of the company\u2019s voting rights. Almost 50% of the universe is in the Asia Pacific region, with European family-owned companies making up 24% of the database and North America contributing 15%.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-33c52e58 elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"33c52e58\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/image.s51.sfmc-content.com\/lib\/fe3411737364047e771c70\/m\/1\/24375f31-1754-4229-8daf-b8bf19c5773e.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW PDF<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4c733fb4 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"4c733fb4\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d47f131 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d47f131\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6441d573\" data-id=\"6441d573\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6c07e3a9 elementor-widget elementor-widget-heading\" data-id=\"6c07e3a9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">WELLINGTON MANAGEMENT - ASIA: A GROWTH STORY WITH LONGER-TERM MOMENTUM<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-210a5734 elementor-widget elementor-widget-text-editor\" data-id=\"210a5734\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;We expect growth across Asia to continue apace, with China as the pivot. As in 2022, we expect developing Asia to be a key beneficiary of this trend (Figure 2), especially those countries with large tourism sectors. For instance, Thailand, whose tourism industry accounts for 30% of GDP, could see traveler inflows double or even triple. Indonesia, Vietnam, and Malaysia are also well-positioned to take advantage of the structural diversification of supply chains away from China. In parallel, they are also attracting a significant amount of inward investment from Chinese companies looking to tap into the large and growing consumer markets of Southeast Asia.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-60c2435e elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"60c2435e\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.wellington.com\/en-us\/institutional\/insights\/asia-longer-term-momentum\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">READ MORE<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-21ed0017 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"21ed0017\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-558d18b8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"558d18b8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-25f651e7\" data-id=\"25f651e7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-95f8dc2 elementor-widget elementor-widget-heading\" data-id=\"95f8dc2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">CAPITAL GROUP: THE NEW REALITY FOR INVESTORS<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-69d9d500 elementor-widget elementor-widget-text-editor\" data-id=\"69d9d500\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;Investors have anointed cash as king, shifting assets out of stock and bond investments and driving US money market totals to a record US$5.4 trillion as at 31 May 2023&#8230;After the painful losses of 2022, more risk-averse investors might consider allocating some cash to dividend-paying stocks.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-555a683e elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"555a683e\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.capitalgroup.com\/content\/dam\/cgc\/tenants\/europe\/documents\/other\/2023_Outlook-June(en).pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW PDF<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43d05108 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"43d05108\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-28cc219c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"28cc219c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5223986e\" data-id=\"5223986e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-250d3723 elementor-widget elementor-widget-heading\" data-id=\"250d3723\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">WHAT CAN THE CIA TEACH INVESTORS<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-74f93bee elementor-widget elementor-widget-text-editor\" data-id=\"74f93bee\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;In 1999, Richards J. Heuer, Jr \u2013 who worked for the CIA for almost 45 years \u2013 produced a volume of writing called: \u2018Psychology of Intelligence Analysis\u2018. It collated internal articles written for the CIA Directorate of Intelligence. Its aim was to provide analysts with the tools to reach judgements in situations which \u201cinvolve ambiguous information, multiple players and fluid circumstances\u201d. The insights drawn together by Heuer, Jr are designed to assist in the profound challenge of using our limited human mind to tackle deeply complex problems.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-696f0c7b elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"696f0c7b\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/behaviouralinvestment.com\/2023\/06\/20\/what-can-the-cia-teach-investors\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">READ MORE<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b972d72 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5b972d72\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5735cfd9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5735cfd9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-54fb630a\" data-id=\"54fb630a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-433ff96f elementor-widget elementor-widget-heading\" data-id=\"433ff96f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">HOT N COLD: WHY US JOBS MARKET RESEMBLES A KATIE PERRY SONG <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4cff636d elementor-widget elementor-widget-text-editor\" data-id=\"4cff636d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;And so this year\u2019s mixed data raises the risk of a policy error by the Fed, either by neglecting to raise rates enough or alternatively by overtightening. Take May\u2019s jobs report. While some 339,000 workers were hired over the month, the unemployment rate climbed 0.3 percentage points to 3.7%, even as the participation rate remained at 62.6%.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3f597c53 elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"3f597c53\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.schroders.com\/en-gb\/uk\/institutional\/insights\/hot-n-cold-why-us-jobs-market-resembles-a-katy-perry-song\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">READ MORE<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b1d6fbc elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"7b1d6fbc\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-10a9e962 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"10a9e962\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7a03fc85\" data-id=\"7a03fc85\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-178f7f3e elementor-widget elementor-widget-heading\" data-id=\"178f7f3e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">EXPLAINING THE RECENT FAILURE OF VALUE INVESTING<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5741e5fb elementor-widget elementor-widget-text-editor\" data-id=\"5741e5fb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;We show that value investing has generally been unprofitable for almost 30 years, barring a brief resurrection following the dotcom bust. We identify two major reasons for the failure of value investing: (1) accounting deficiencies causing systematic misidentification of value, particularly of glamour (growth) stocks, and (2) fundamental economic developments that significantly slowed the reshuffling of value and glamour stocks (mean reversion), which drove the erstwhile gains from the value strategy.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e4d268 elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"e4d268\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.nowpublishers.com\/article\/Details\/CFR-0115#\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">READ MORE<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43ad2ad8 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"43ad2ad8\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-521f3748 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"521f3748\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2d9f86d2\" data-id=\"2d9f86d2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5eca678 elementor-widget elementor-widget-heading\" data-id=\"5eca678\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">GOLDMAN SACHS: GENERATIVE AI COULD RAISE GLOBAL GDP BY 7%<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58234ac5 elementor-widget elementor-widget-text-editor\" data-id=\"58234ac5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;Despite significant uncertainty around the potential for generative AI, its ability to generate content that is indistinguishable from human-created output and to break down communication barriers between humans and machines reflects a major advancement with potentially large macroeconomic effects.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81b3d44 elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"81b3d44\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.goldmansachs.com\/intelligence\/pages\/generative-ai-could-raise-global-gdp-by-7-percent.html\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">READ MORE<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1218b9b5 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1218b9b5\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-28d3c311 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"28d3c311\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3e3c25c3\" data-id=\"3e3c25c3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-57b9a9de elementor-widget elementor-widget-heading\" data-id=\"57b9a9de\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">INVESTOR AMNESIA: USING MARKET CYCLES AND HISTORY TO IDENTIFY INFLECTION POINTS<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58fac10a elementor-widget elementor-widget-text-editor\" data-id=\"58fac10a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>&#8220;A few weeks back I had the absolute pleasure of interviewing the one and only Harris \u201cKuppy\u201d Kupperman. What made this interview particularly special was the fact that Kuppy is a fellow history major working in the investment industry, and views his understanding of history as a competitive edge in his role as Chief Investment Officer.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-14ec6ef1 elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"14ec6ef1\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/investoramnesia.com\/2023\/07\/10\/using-history-to-identify-inflection-points\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">LISTEN TO PODCAST<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72af35ad elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"72af35ad\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4e524e7d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4e524e7d\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-790003e7\" data-id=\"790003e7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-29a1de26 elementor-widget elementor-widget-spacer\" data-id=\"29a1de26\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48cd9bb9 elementor-widget elementor-widget-heading\" data-id=\"48cd9bb9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">PREVIOUS ISSUES OF QG QUARTERLY<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4648f36a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4648f36a\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-74d4409c\" data-id=\"74d4409c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-26e2d66 elementor-widget elementor-widget-text-editor\" data-id=\"26e2d66\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: left\"><a style=\"color: #61ce70\" href=\"https:\/\/www.qualitygrowthinvestor.com\/quality-growth-quarterly-issue-8\" target=\"_blank\" rel=\"noopener\">QG ISSUE 8<\/a><br \/><a style=\"color: #61ce70\" href=\"https:\/\/www.qualitygrowthinvestor.com\/quality-growth-quarterly-issue-2\/\" target=\"_blank\" rel=\"noopener\">QG ISSUE 7<\/a><br \/><a style=\"color: #61ce70\" href=\"https:\/\/www.qualitygrowthinvestor.com\/qg-quarterly-issue-6\/\" target=\"_blank\" rel=\"noopener\">QG ISSUE 6<\/a><br \/><a style=\"color: #61ce70\" href=\"https:\/\/www.qualitygrowthinvestor.com\/qg-quarterly-issue-5\/\" target=\"_blank\" rel=\"noopener\">QG ISSUE 5<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-6481a4ae\" data-id=\"6481a4ae\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-77d1a3f2 elementor-widget elementor-widget-text-editor\" data-id=\"77d1a3f2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: left\"><a style=\"color: #61ce70\" href=\"https:\/\/www.qualitygrowthinvestor.com\/quality-growth-quarterly-issue-3\/\" target=\"_blank\" rel=\"noopener\">QG ISSUE 4<\/a><br \/><a style=\"color: #61ce70\" href=\"https:\/\/www.qualitygrowthinvestor.com\/quality-growth-quarterly-issue-3\/\" target=\"_blank\" rel=\"noopener\">QG ISSUE 3<\/a><br \/><a style=\"color: #61ce70\" href=\"https:\/\/www.qualitygrowthinvestor.com\/quality-growth-quarterly-issue-2\/\" target=\"_blank\" rel=\"noopener\">QG ISSUE 2<\/a><br \/><a style=\"color: #61ce70\" href=\"https:\/\/www.qualitygrowthinvestor.com\/qg-quarterly-issue-1\/\" target=\"_blank\" rel=\"noopener\">QG ISSUE 1<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2f715d53 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2f715d53\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5ec2f5f2\" data-id=\"5ec2f5f2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1865ede5 elementor-widget elementor-widget-spacer\" data-id=\"1865ede5\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Quality Growth Quarterly Through our own research, we gather material and publish a periodic summarycalled \u201cQuality Growth Quarterly\u201d. QUALITY GROWTH QUARTERLY ISSUE 9 JULY 2023 In the 9th edition of Quality-Growth Quarterly we feature an article from Nick Train, Michael Mauboussin and Dan Callaghan&#8217;s latest Consilient Observer research on ROIC, a Howard Marks Memo titled [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-5669","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Quality Growth Quarterly Issue 9 - Quality-Growth Investor Conference New York<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Quality Growth Quarterly Issue 9 - Quality-Growth Investor Conference New York\" \/>\n<meta property=\"og:description\" content=\"Quality Growth Quarterly Through our own research, we gather material and publish a periodic summarycalled \u201cQuality Growth Quarterly\u201d. QUALITY GROWTH QUARTERLY ISSUE 9 JULY 2023 In the 9th edition of Quality-Growth Quarterly we feature an article from Nick Train, Michael Mauboussin and Dan Callaghan&#8217;s latest Consilient Observer research on ROIC, a Howard Marks Memo titled [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/qualitygrowthinvestor.com\/newyork\/qg-quarterly-issue-9\/\" \/>\n<meta property=\"og:site_name\" content=\"Quality-Growth Investor Conference New York\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-17T08:41:58+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/qualitygrowthinvestor.com\/newyork\/qg-quarterly-issue-9\/\",\"url\":\"https:\/\/qualitygrowthinvestor.com\/newyork\/qg-quarterly-issue-9\/\",\"name\":\"Quality Growth Quarterly Issue 9 - Quality-Growth Investor Conference New York\",\"isPartOf\":{\"@id\":\"https:\/\/qualitygrowthinvestor.com\/newyork\/#website\"},\"datePublished\":\"2023-07-13T12:58:28+00:00\",\"dateModified\":\"2024-04-17T08:41:58+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/qualitygrowthinvestor.com\/newyork\/qg-quarterly-issue-9\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/qualitygrowthinvestor.com\/newyork\/qg-quarterly-issue-9\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/qualitygrowthinvestor.com\/newyork\/qg-quarterly-issue-9\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/qualitygrowthinvestor.com\/newyork\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Quality Growth Quarterly Issue 9\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/qualitygrowthinvestor.com\/newyork\/#website\",\"url\":\"https:\/\/qualitygrowthinvestor.com\/newyork\/\",\"name\":\"Quality-Growth Investor Conference New York\",\"description\":\"Quality-Growth Investor Conference New York\",\"publisher\":{\"@id\":\"https:\/\/qualitygrowthinvestor.com\/newyork\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/qualitygrowthinvestor.com\/newyork\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/qualitygrowthinvestor.com\/newyork\/#organization\",\"name\":\"Quality-Growth Investor Conference New York\",\"url\":\"https:\/\/qualitygrowthinvestor.com\/newyork\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/qualitygrowthinvestor.com\/newyork\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/s3.eu-west-2.amazonaws.com\/cdn.investorconferences.com\/wp-content\/uploads\/sites\/3\/2020\/02\/Q-G-New-White-NB-no-words.png\",\"contentUrl\":\"https:\/\/s3.eu-west-2.amazonaws.com\/cdn.investorconferences.com\/wp-content\/uploads\/sites\/3\/2020\/02\/Q-G-New-White-NB-no-words.png\",\"width\":827,\"height\":515,\"caption\":\"Quality-Growth Investor Conference New York\"},\"image\":{\"@id\":\"https:\/\/qualitygrowthinvestor.com\/newyork\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Quality Growth Quarterly Issue 9 - Quality-Growth Investor Conference New York","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_GB","og_type":"article","og_title":"Quality Growth Quarterly Issue 9 - Quality-Growth Investor Conference New York","og_description":"Quality Growth Quarterly Through our own research, we gather material and publish a periodic summarycalled \u201cQuality Growth Quarterly\u201d. 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