We Asked a $17B International Manager Why Value is Winning Again — and What the S&P 500 Leaves Out
For advisors considering international value exposure, the episode lays out one manager's process for separating cheap businesses from those that can improve and for thinking about the US-international valuation gap and diversification beyond tech.
Summary
By the markets & outlook deskColin McQueen of T. Rowe Price discusses his evolution from deep value investing to a broader approach that includes quality businesses and restructuring opportunities, and explains why he sees a more balanced opportunity set outside the US as rates rise and industrial investment changes. The conversation covers AI suppliers and disruption, governance reform in Japan and Korea, China risks, and financial stocks, with examples including Samsung, Hitachi and Rolls-Royce.
- McQueen traces his shift from deep value to a broader approach that includes quality businesses and restructuring opportunities.
- Higher rates and spending on infrastructure, defense and power are described as reshaping the international opportunity set.
- He discusses governance reform in Japan and Korea and China's contrarian appeal alongside governance risks.
- He describes using AI to challenge investment theses and recognize when conviction has become stubbornness.
Chapters
From the publisher’s description| Time | Chapter | Length |
|---|---|---|
| Colin McQueen's evolution as a value investor | 7 min | |
| Why deep value struggled in the 2010s | 4 min | |
| Higher rates and a more balanced opportunity set | 5 min | |
| International value, financials, and AI suppliers | 5 min | |
| AI versus the dot-com era and managing valuation risk | 4 min | |
| Free cash flow, restructuring, and AI-assisted research | 4 min | |
| Comparing US and international valuations | 6 min | |
| The risk dashboard and changing European markets | 4 min | |
| Corporate reform and opportunities in Japan and Korea | 5 min | |
| China, Asia ex Japan, and financial stocks | 5 min | |
| Global connections and why a stock market isn't an economy | 5 min | |
| Diversification and researching corporate turnarounds | 5 min | |
| Looking beyond quarterly earnings and extreme narratives | 3 min |
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Videos and podcasts are embedded from their publishers. Selections and summaries are editorial and are not investment advice.