{"id":73387,"date":"2026-04-22T12:04:36","date_gmt":"2026-04-22T19:04:36","guid":{"rendered":"https:\/\/penderfund.com\/?p=73387"},"modified":"2026-04-27T12:06:51","modified_gmt":"2026-04-27T19:06:51","slug":"value-isnt-cheap","status":"publish","type":"post","link":"https:\/\/penderfund.com\/fr\/articles\/value-isnt-cheap\/","title":{"rendered":"Value isn\u2019t cheap. It\u2019s resilient."},"content":{"rendered":"

The market thinks software is breaking. We think it\u00a0is\u00a0being tested.<\/span><\/i>\u00a0<\/span><\/p>\n

It\u00a0has been\u00a0a hard time\u00a0to be a value investor.<\/span>\u00a0<\/span><\/p>\n

Growth stocks have meaningfully outperformed value for decades, and investors have increasingly questioned whether value investing works at all. That is a remarkable place to find ourselves. Value investing is the foundation of modern finance, built on the idea of quantifying what something is worth based on its fundamental, cash flow-generating capabilities, and buying it when the price\u00a0represents\u00a0a meaningful discount from that intrinsic worth.<\/span>\u00a0<\/span><\/p>\n

It is the premise of how we look at things at Pender, though for clarity, we do\u00a0not\u00a0consider ourselves exclusively value investors, and the reasons for that will (hopefully) become clear.<\/span>\u00a0<\/span><\/p>\n

So why has this discipline fallen so out of favour? Is value investing truly broken? Or is it our definition that has?<\/span>\u00a0<\/span><\/p>\n

The value evolution<\/span><\/b>\u00a0<\/span><\/p>\n

When I studied finance during my undergraduate degree, value investing stood out to me\u00a0immediately. As someone who loves a good deal while shopping, how could I not love a good deal in the stock market?<\/span>\u00a0<\/span><\/p>\n

Some of the greatest investment minds built their fortunes on the value doctrine:<\/span>\u00a0<\/span><\/p>\n

Warren Buffett:\u00a0<\/span>\u201cIf you don\u2019t believe in value investing, what do you believe in?\u201d<\/span><\/i>\u00a0<\/span><\/p>\n

Benjamin Graham:\u00a0<\/span>\u201cThe investor\u2019s primary interest lies in acquiring and holding suitable securities at suitable prices.\u201d<\/span><\/i>\u00a0<\/span><\/p>\n

Howard Marks:\u00a0<\/span>\u201cIt\u2019s\u00a0not what you buy,\u00a0it\u2019s\u00a0what you pay. Success in investing\u00a0doesn\u2019t\u00a0come from buying good things, but from buying things well.\u201d<\/span><\/i>\u00a0<\/span><\/p>\n

So, what is happening now?<\/span>\u00a0<\/span><\/p>\n

Is it the manic-depressive behaviour of what Benjamin Graham called \u201cMr. Market?\u201d<\/span>\u00a0<\/span><\/p>\n

Traditionally, a value investor understands that Mr. Market does not tell you what something is worth.\u00a0Mr. Market\u00a0offers up securities at prices that can be wildly disconnected from their actual value. This creates opportunities to buy at a meaningful discount.<\/span>\u00a0<\/span><\/p>\n

That said, some strong businesses have spent years in Mr. Market\u2019s area of despair. How can companies with solid fundamentals and reasonable valuations\u00a0remain\u00a0so persistently out of favour?<\/span>\u00a0<\/span><\/p>\n

A value trap?<\/span><\/b>\u00a0<\/span><\/p>\n

At its core, value investing has always been about buying something for less than it\u00a0is worth. The fear that keeps value investors up at night, however, is the value trap.<\/span>\u00a0<\/span><\/p>\n

A low valuation metric is far from synonymous with being underpriced. A stock with a low P\/E ratio is only a bargain if its current earnings are proof of the future. Chasing low multiples alone can lead straight into value traps: companies that look cheap on paper but are\u00a0not\u00a0in reality. This may reflect structural weaknesses or simply the fact that the earnings underpinning that valuation are not sustainable.<\/span>\u00a0<\/span><\/p>\n

Contrast this with growth stocks. For long stretches, high-growth, \u201cgrowth-at-all-costs\u201d companies were treated as if nothing bad could happen to them, and as if no price\u00a0was\u00a0too high.<\/span>\u00a0<\/span><\/p>\n

Are these really the only two options for valuing a business? We think not. In truth, these camps were never mutually exclusive to begin with.<\/span>\u00a0<\/span><\/p>\n

What gives?<\/span><\/b>\u00a0<\/span><\/p>\n

Here\u00a0is\u00a0what makes this interesting. As (value-inspired) technology investors at Pender, we\u00a0are\u00a0constantly searching for innovative companies, leaders who think differently and are changing the world one idea at a time. And yet much of our investment framework is rooted in thinking from a different era.<\/span>\u00a0<\/span><\/p>\n

We admire\u00a0<\/span>The Intelligent Investor<\/span><\/i>\u00a0by Benjamin Graham, published in 1949. It\u00a0remains\u00a0an excellent read and a foundation for many of our principles. Graham\u2019s core insight,\u00a0that price and value are not the same,\u00a0still holds.<\/span>\u00a0<\/span><\/p>\n

But it\u00a0is\u00a0worth asking: if we relied on the technology of 1949 in our daily lives, what would that look like?<\/span>\u00a0<\/span><\/p>\n

We\u00a0would\u00a0be writing on typewriters, navigating by paper maps, and performing calculations by hand. The idea of a spreadsheet would be science fiction.<\/span>\u00a0<\/span><\/p>\n

So why do we sometimes treat an investment framework from that era as if nothing has changed?<\/span><\/i>\u00a0<\/span><\/p>\n

To be clear, the foundation is sound. But the environment in which it is applied has evolved dramatically.<\/span>\u00a0<\/span><\/p>\n

When Graham and Buffett were building their track records, investment management was a nascent industry. Information was scarce and difficult to access. Today, the opposite is true. The industry is highly competitive, and data is abundant, processed instantly by analysts and algorithms alike.<\/span>\u00a0<\/span><\/p>\n

In that world, it is harder to believe that obvious bargains persist. If something is easily identifiable in public information, it is\u00a0likely already\u00a0reflected in the price.<\/span>\u00a0<\/span><\/p>\n

But markets are not purely efficient. They are shaped by behaviour, incentives, and structure. Passive flows, algorithms, and benchmarking all influence outcomes in ways that can create new forms of mispricing.<\/span>\u00a0<\/span><\/p>\n

Oh, how the tables have turned<\/span><\/b>\u00a0<\/span><\/p>\n

Consider the sector most associated with growth investing: technology. Software.<\/span>\u00a0<\/span><\/p>\n

Even Warren Buffett eventually broadened his definition of value, shifting toward \u201cgreat businesses at fair prices.\u201d That evolution led him to Apple, one of his most successful investments.<\/span>\u00a0<\/span><\/p>\n

Today, something has shifted again.<\/span>\u00a0<\/span><\/p>\n

While technology\u00a0remains\u00a0a primary driver of global growth, parts of the software sector have undergone a meaningful reset. Changes in how customers\u00a0purchase\u00a0and deploy software, combined with the emergence of\u00a0new technologies\u00a0like AI, have introduced both disruption and uncertainty.<\/span>\u00a0<\/span><\/p>\n

As a result, many software companies have, for the first time, migrated into what looks like value territory.<\/span>\u00a0<\/span><\/p>\n

In some cases, valuations now imply modest or even negligible long-term growth. The market\u00a0appears to be\u00a0pricing software more like a mature, slower-growth sector.<\/span>\u00a0<\/span><\/p>\n

We think that may be a misread.<\/span>\u00a0<\/span><\/p>\n

As\u00a0new technologies\u00a0are adopted and begin to deliver tangible value, companies already embedded in customer workflows are often best positioned to benefit. They have distribution, data, and integration advantages that are difficult to replicate.<\/span>\u00a0<\/span><\/p>\n

The question is not whether change is happening, but which companies are equipped to adapt.<\/span>\u00a0<\/span><\/p>\n

Pressure makes diamonds<\/span><\/b>\u00a0<\/span><\/p>\n

There\u00a0is\u00a0a saying: \u201cTo the man with a hammer, everything looks like a nail.\u201d The growth versus value debate has sometimes created the impression that investors must choose one tool.<\/span>\u00a0<\/span><\/p>\n

In reality, the\u00a0best investors use both.<\/span>\u00a0<\/span><\/p>\n

Much of traditional value investing rests on mean reversion: the idea that what goes down will come back up. While this can still hold, it is less reliable in a world shaped by structural change. Some businesses do not recover. Others\u00a0emerge\u00a0stronger.<\/span>\u00a0<\/span><\/p>\n

The challenge is distinguishing between the two.<\/span>\u00a0<\/span><\/p>\n

As Albert Einstein put it:\u00a0<\/span>\u201cNot everything that counts can be counted, and not everything that can be counted counts.\u201d<\/span><\/i>\u00a0<\/span><\/p>\n

Value does not have to mean a low multiple. It does not require avoiding growth or technology. It means understanding what something is genuinely\u00a0worth and\u00a0buying it when it is available for less.<\/span>\u00a0<\/span><\/p>\n

What we\u00a0have\u00a0come to believe is that the deepest form of value is resilience.<\/span>\u00a0<\/span><\/p>\n

Resilience is not something a company improvises in a crisis. It is built over time. The businesses that endure are those that have structured themselves to absorb shocks and adapt.<\/span>\u00a0<\/span><\/p>\n

Fast growth can create fragility. Without strong foundations, it can amplify weaknesses rather than strengths.<\/span>\u00a0<\/span><\/p>\n

By contrast, the companies we find most compelling today tend to share\u00a0a different set\u00a0of characteristics. They have recurring revenue. They are embedded in customer workflows. They deliver real value, which supports pricing power. And they evolve continuously, incorporating new capabilities without losing coherence.<\/span>\u00a0<\/span><\/p>\n

These businesses are sometimes priced as if their best days are behind them. As if disruption is purely a threat, rather than also an opportunity.<\/span>\u00a0<\/span><\/p>\n

We think the opposite may be true.<\/span>\u00a0<\/span><\/p>\n

Value is\u00a0not\u00a0a multiple. It\u00a0is\u00a0resilience over time.<\/span><\/b>\u00a0<\/span><\/p>\n

It\u00a0is\u00a0a hard time\u00a0to be a value investor. Approaching markets with an open mind and a willingness to think independently is rarely easy.<\/span>\u00a0<\/span><\/p>\n

But that\u00a0is\u00a0also what makes it interesting.<\/span>\u00a0<\/span><\/p>\n

Today, parts of the market are being priced as if they belong firmly in the \u201cvalue\u201d category: mature, slow-growing, and potentially disrupted. In some cases, that will prove correct. In others, it may reflect a misreading of a transition period as permanent decline.<\/span>\u00a0<\/span><\/p>\n

Some companies will not survive disruption. Others will be strengthened by it.<\/span>\u00a0<\/span><\/p>\n

The task is to tell the difference.<\/span>\u00a0<\/span><\/p>\n

In the end, value was never about buying what\u00a0is\u00a0cheap.<\/span>\u00a0<\/span><\/p>\n

It was always about understanding what will last.<\/span>\u00a0<\/span><\/p>\n

Veuillez lire les avis de non-responsabilit\u00e9 importants \u00e0\u00a0www.penderfund.com\/fr\/disclaimer\/<\/a>.<\/p>\n

Standard performance data for Pender Funds can be found at\u00a0www.penderfund.com\/solutions\/<\/a><\/p>","protected":false},"excerpt":{"rendered":"

The market thinks software is breaking. We think it\u00a0is\u00a0being tested.\u00a0 It\u00a0has been\u00a0a hard time\u00a0to be a value investor.\u00a0 Growth stocks have meaningfully outperformed value for decades, and investors have increasingly questioned whether value investing works at all. That is a remarkable place to find ourselves. Value investing is the foundation of modern finance, built on […]<\/p>\n","protected":false},"author":13,"featured_media":73026,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[106],"tags":[],"fund-type":[],"class_list":["post-73387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"acf":[],"yoast_head":"\nValue isn\u2019t cheap. 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