YouSaid · the spoken record

Heather Brilliant

lines on the record: 70
first: 2024-08-29
most recent: 2024-08-29
sittings or episodes: 1
sources: podcast

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“I would say that trends last longer than you think they possibly could. And so, I mean, you could see that right now in the small cap versus large cap performance that we talked about. You could certainly see it even at the end of the dot-com days. You know, you could see it even in the 2006, 2007 period where so many investors felt like they knew housing was going to collapse, but nobody could actually hold on to their positions long enough except for very few to end up making that a positive trade. So I just think there's so many examples where trends go on so much longer than you think. So you need to make sure to take that into consideration in your future careers.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Manager someday, or whatever it is that you aspire to, then you can work with your manager on making sure you have kind of a long-term plan for developing the right skills instead of just being disappointed when you don't get the job.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“I'd say two things. First, seek experiences that will help you get the role that you think you want in the long term. And that one is really, I think, about not only getting experiences from your job and what you're doing day to day, but also looking for opportunities to, you know, let's say you're an equity analyst, but you want to move into a leadership role, you can try to volunteer in organizations or serve on the board of a nonprofit that can help develop leadership skills even though your day-to-day job much may be much more investment oriented, for example. And another thing I always tell people who ask me this question is it's so important to put your hand up and make sure that your manager knows how you want your career to evolve because people I think assume that they're going to get tapped for their next role. And I just don't think it generally works that way. I think if you can be proactive in saying, I would love to be an analyst on a different sector or I'd love to be a portfolio.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. I read something else. I can't remember the name of it about the evolution of Edison and Tesla and Westinghouse right around the turn of the century that I think is another fascinating example of this category where you're learning about real events and people, but in a way that feels like you're reading a novel. So I think there's a lot of great examples like that.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“It's fascinating. And I think the thing that's so great about it is there's just so much around the topic of semiconductors and Silicon Valley and AI and like really just understanding the fundamental underpinnings of how the industry got started and where the power lies and why TSMC is such a critically important company to the whole world. I think everyone should read it. And I also like it because it kind of falls into my favorite category of nonfiction written like a novel. Or, you know, sometimes that davels into a historical fiction. There's, I don't know if you've read the Devil in the White City. That's a great book that's really about kind of Chicago during the World's Fair.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“So, why modes matter was really an encapsulation of thinking about competitive advantage and valuation and making investment decisions. And that does encapsulate Morningstar's investment philosophy. And certainly they commissioned the book or funded it, I would say. But it was a really great experience too because we were able to get a lot of the equity research team involved in writing it. So you'll see different chapters authored by multiple people, which I think was just a really great way to highlight some of the ways that you can apply competitive advantage thinking to different industries.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“So I was very fortunate early on in my career to have a couple of kind of managers and leaders that really helped set the stage for a productive future career. Even a Bank of America, while I didn't end up staying there a tremendously long time, I had the most incredible first manager. And he really helped me see that there were lots of different areas in finance and investing to go into and that he'd be supportive regardless. And I actually still keep in touch with him to this day. And then even at Dreehouse, I had a great manager in the international portfolio manager at the time. And he really taught me about the kind of fundamental aspects that all investing holds even more momentum-oriented investing. But he also was someone I've turned to in the past to ask deep career questions and kind of figure out where to go next.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, good. I just think it's a great show. First of all, I'm from Chicago, and so I love the Chicago connection and constant visuals from, you know, my favorite city. And then I just think they their character development is unbelievable. So it's been, I've really enjoyed it.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, whenever there's an area of the market that is hot, I would say my first instinct is don't go there. And private credit, I think, I think there are a lot of reasons why private credit has done so well. But, you know, and I do think the line is a little blurry in fixed income. And sometimes people call things private credit that are arguably in scope for some things that we might take a look at, but we do not have private credit strategies and we do not intend to because, you know, we've really been focused on the areas of fixed income where we can identify dislocation. And so that's really what we feel like we can do in that core and short-duration securitized strategies.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“They are essentially 60% net long. So that's been our focus historically. And really, what our clients have asked of us, but it is an area that I think could be ripe for innovation because it is easier to think about market neutral strategy in an environment where interest rates are positive than it is when they're zero. And so I think, you know, not to say you couldn't do it when they're zero, but I just think it's a lot harder to make the math work.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that's basically the philosophical approach that we've taken. And I'd say there's a few people on our team, one of the portfolio managers on that strategy and a couple analysts who have really developed expertise thinking about the short side. And so, but fundamentally, it really is about valuation. Now, it's harder, obviously, when you're trying to short an overvalued company than buying an undervalued one because you can only wait so long if the stock's running against you. But we've just really developed an approach, I think, that takes a little bit more of a diversified approach on the short side and gives a little bit more room to situations that might not unfold as quickly as you hope.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“So essentially, that kind of goes back to what we were talking about before, where it's really important to consider the capacity of strategies that we manage so that we can put our existing clients' interests first. And so when we look at how much we think we can manage in a strategy, we try to take into consideration what the investor experience will be. And if you're looking at small cap, for example, I think it's easy for people to understand this, where we can clearly see that small cap managers that take on too many assets tend to have a much harder time outperforming the market over the long run. So if we just explicitly say we think we can manage about, you know, two and a half billion dollars in small cap. And when we get to that point, then we're not going to take new clients because it's really important for us that the client experience is more important than our ability to generate more revenue by bringing on more assets.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Like TSMC and Samsung that are really fundamentally great businesses even before AI caused things to go crazy, I think that's just an area where our team's finding a lot of opportunity.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so we have an international equity team that really focuses on looking for opportunities outside the US. And they travel the world meeting with management teams and really uncovering the depth that you can't get just by staying in the US and looking at the data. They do obviously spend a lot of time doing that. But I'd say that's really led to a focus on areas that are more bottom-up oriented. So, you know, just like on the US side, we're really looking for individual companies that lead to opportunity, but you do occasionally find areas of the globe where you either want to avoid it wholeheartedly, even if there might be a company that looks interesting or where there's a lot of undervalued businesses that we can invest in. And I do think that among technology, which is a very international industry very global industry, there are some opportunities there because when you look at names,”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“But Absolutely. But I think very high quality office, they're finding opportunities as well. And so it's partially, I think, a matter of looking for where investor expectations get so lumped together with the overall category and the bottom-up perspective can show actually there are individual buildings or opportunities in commercial real estate that can provide opportunity.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“I think commercial real estate, as our bond managers would say, is clearly an area where the baby gets thrown out with the bathwater. And so if you focus on super high quality opportunities, then I think you can really find mispriced securities, essentially, because everybody is so worried about.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. I mean, I think that is true. There's still evaluation consideration to be applied. And I think you could argue that they're not meaningfully overvalued right now, but it really all comes down to the future growth expectations and their ability to keep on delivering like this. And so, you know, if for whatever reason, regulation or some change in the environment caused that to slow down, then it's a lot harder to justify these valuations.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“It's not like we're seeing companies that are so ridiculously overvalued. They are much more highly valued than the market on average. But that's partially driven by earnings revisions and people realizing more and more how much cash flow those businesses can generate. I think what it's teeing up for is a future environment where anything that causes some instability for those extra large tech companies that are driving the market will really create a very different high-level environment for the market that will create opportunities for people who are really focused on bottom-up investing”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. I mean, I think it creates opportunity because we see companies getting sold off that are really great fundamental businesses but perhaps are going through a tough time or missed earnings for whatever reason. On the flip side, you see companies that we really believe in and fundamentally in the long term that we may already own also selling off or companies like the ones leading the market that have been doing so well. And the interesting thing, I think, about those top five companies is that they're actually very fundamentally strong.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, because we're in a situation where while the market is up double digits for this year, that's really a kind of high level perspective that really obscures what's going on under the surface where there's a tremendous amount of volatility. We're seeing the performance of individual companies vary widely and is not at all representative of that high-level market return. And so it's kind of like the iceberg analogy, right? It looks tiny from the surface, but when you dig underneath, there's actually a lot more noise going on. And that really leads to a lot of idiosyncratic risk, which is what we look for. We want companies that are going to sell off when they miss their earnings or create opportunities because of short-term focus that can be overlooked for a long-term investor”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, I'd say it actually creates more opportunity than anything because when the market starts really worrying about a recession, then it generally undervalues companies that are more cyclical. And in terms of their long-term cash flow generating abilities. And when the market's not at all worried about a recession, then you can generally find opportunities in more defensive areas of the market. And so we do try to kind of keep in mind. Where we think that economic outlook could be causing a different short term perspective than a longer-term perspective.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, certainly mortgages is on the list. I'd also say asset-backed securities, which can include things like credit card receivables or car loans or things like that that I think are more consumer oriented. And so that's an area where there's been a lot of concern as concern about recession, ebbs and flows, you definitely see people's concern about asset executities move in line with that.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“It's been harder and harder to outperform in fixed income. And so creating that long track record, then as we saw the environment change and the interest rate regime change, we've really been able to benefit from that and deliver for clients.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so about $4 billion of our assets under management are in fixed income strategies today. And that's really grown over the last couple of years because we brought in a team in 2016 have been building a track record since then, primarily in two strategies, core and short duration securitized. And in both of those strategies are, I would say, our biggest point of differentiation is our focus on securitized assets, which kind of gives us the opportunity to be able to make investments in areas that I think other bond managers either don't know as deeply or are more focused on macro trends where we take a bottom-up approach there too. So it's really given us, I think, the opportunity to shine in markets where”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's a huge factor. And, you know, and you also see less leverage, certainly as a proportion of cash flows when you're looking at large”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, I think quarterly earnings probably should be less of a driver for small caps because, you know, you have to take a long-term perspective and really think about when they might become profitable. And I think also small caps tend to have more issues with debt. So it's really important for small cap investors to be very aware of the leverage that the companies are carrying. And I think in this environment, too, to really understand the interest rate that that leverage carries and the potential interest rate that they may face when needing to refinance that debt.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“I actually think there's a couple things. But the biggest is that small caps have not done so poorly as much as large caps have just done so excellently. And so I think that's partially these five stocks really driving the market that we're really seeing come to a head this year, but really has been going on for the last several years. And we've seen concentration in the large cap side of the market among those five companies getting greater and greater over that time period. So it's just very hard for any kind of diversified portfolio to keep up with that. And you can see that in a diversified large cap portfolio, in any kind of actively managed large cap portfolio relative to indexes, and you can certainly see it in small caps as well.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, from the beginning, we really tried to take a very thoughtful approach to setting our fees. And we really try to think about, you know, what do we believe the excess return is that we can generate over the long run? And how can we charge a fair price for that so that we can make sure we can pay the investment talent that we need in order to generate those returns, but also make sure that the shareholders of the firm are getting paid back for the capital they provide and ultimately that the clients are getting a return after fees that makes sense for them? And so that kind of third to third, a third mentality has led us to set fees at a place that generally do not exceed the median of kind of Morningstar categories for fees. And we look at that too because we really want to make sure that we are not charging more than we think is the value we can generate.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, but I would say that one element of reality I think that has for managers who are focused on smaller cap companies is that you can't buy an undervalued company in small cap necessarily and assume that it's going to appreciate because of valuation because we don't know when or what will cause the market to re-rate small cap. And so, you know, this has been going on for basically a decade or more depending on how you look at the data. So I think given that, what we see is our analysts and portfolio managers increasingly focusing on investing in small caps that are high quality businesses generating cash flow, returning that cash flow to shareholders where essentially the cash return is going to get you what you need as an investor and you don't need the valuation to rerate. If it does, it'll be bonus.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“And the interesting thing is that small cap active managers have outperformed out of the last four years, but in small cap, about 60% of assets are invested passively. It's actually only 50% in large cap. So it's kind of surprising that investors are relying on passive strategies in a category where active management makes a huge difference.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“It's stunning, and you know it's true that smaller cab companies are much more challenging because, you know, 40-ish percent of small cap companies don't make a profit.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think you can see this particularly in smaller cap companies right now, where, as you alluded to earlier, the Russell 2000 versus the Russell 1000 has basically underperformed by 95% from the end of 2016 until now.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that actually brings up a really interesting point in time, I'd say, with our markets being so driven by such a small number of stocks. And we generally think that creates opportunity, not only in the large cap space, but really across the cap spectrum. But even in the first half of 2024, more than 60% of the return came from six companies. And so I do think we're getting to the point where what you see going on under the surface is so different from what the overall quote unquote market return looks like these days.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, generally, if it's flows related, it's easier to plan. If it's market related, it's harder because, you know, if all of a sudden small caps make a comeback, you know, when you didn't think you were anywhere to close to closing, it can come up more quickly. With large cap, I'd say it also depends on how low you go in terms of market cap, right? How small a company will you put into a strategy that is considered large cap. So, for us, I'd say that is a big swing factor that constantly gets debated. And what we always try to do is look at the actual history. Where are we actually invested clients' capital? Because that is what has created our track record and that we need that in order for it to be, you know, repeatable in the future.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, I would say that that's for the strategy overall. So it partially depends on how much is in the fund versus in other areas.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“I always laugh when I say that. Yes Yeah. I mean, we think the capacity for that is somewhere around $25 or $30 billion. Oh,”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“So our large cap strategy was close to new investors until about a year ago. And so, over the course of history, we've closed four strategies over time. And, you know, generally, I'd say we take a lot of things into consideration. Our clients actually like to be able to put new clients of theirs into the same strategies. And so it can be very disruptive for client bases, for you to just abruptly and suddenly close strategies. So it generally is something that we plan as we see it coming and really try to collaborate with our clients so that we can appreciate where it may create a challenge for no reason.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. And as many very popular ETFs show, and as just as fundamentally true, you cannot close an ETF today. And so in order to take capital in an ETF, we have to figure out some kind of solution to that. And we have not figured out a solution.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“So essentially, we try to offer our intellectual property to our clients in whatever vehicle that they need it to be in. You know, we started out kind of focused on mutual funds as the vehicle, and we really diversified away from that because of client interest. Clients have asked us for separate accounts, model delivery, CITs, and we have happily obliged. Now I'd say the big topic on the table is ETFs. The challenge with ETFs is that you cannot constrain capacity. And we believe very strongly that In order to make sure that we can always deliver for our existing clients, we have to be able to constrain to close strategies.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“It was interesting coming to Diamond Hill, I think one of the reasons why the portfolio managers were comfortable hiring me as the first external CEO that they had ever had is because I had very widely talked about economic moats and investing with an eye on sustainable competitive advantage. But even in the book I wrote in 2014, you could see that the focus on competitive advantage can never be absolute. You always have to take valuation into consideration. I would say in general, we probably put a little bit more bias towards valuation as the primary consideration and competitive advantage as very important, but maybe second to valuation as a primary consideration.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“So, for us, you know, we'd still rather buy a higher quality business trading at a small discount than a low quality business trading at a big discount. But fundamentally, I'd say it really requires you to understand what is the competitive position of this business and how predictable are those future cash flows.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, I think there's a lot of what we do that I would say is not too far from being traditional value investor. I'd say both for Diamond Hill as for a lot of investors, there's kind of an ideal out there where you want to buy a company that has a strong competitive advantage, trading at a discount to what you think those future cash flows are worth. That is kind of the fundamental perfect investment opportunity for almost any investment philosophy. And I think the difference between a traditional value investor versus, you know, we kind of call ourselves intrinsic value investors versus someone who calls themselves a growth investor is just really, what do you prioritize when you don't have that ideal situation?”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“So, on the equity side in particular, a lot of what we do really is to do very deep fundamental research on companies from a bottom-up perspective. And so we're constantly looking for new ideas and opportunities to put in the portfolios. But despite that constant curiosity, our portfolios do not have very high turnover because we are taking such a long-term perspective. So we're looking for businesses that are fundamentally mispriced relative to what we think a normalized earnings environment would result in. And sometimes that's caused by dislocations for the business that we think will reverse. Sometimes it's growth potential in the future that we don't think is priced in. But there's always got to be some element of the valuation really being compelling. And I think, you know, if you're”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm so glad you brought that up because I do think it's a really big differentiator for us. We have really focused on the fact that if we're invested alongside our clients, we're making decisions for them that will be in our best interest and their best interest. So we really think that it creates alignment to have our portfolio managers meaningfully owning shares of the funds that they manage. Now, of course, that is completely up to them, but when we're hiring people or promoting people, we really do make sure that it's clear that this is something that we think is a differentiator for us. And I'd say part of it is reinforced by the fact that we do have policies that prohibit our employees from investing in individual securities because we want their time to be devoted to making the right decisions for our clients. And they can benefit from that as a client. And so I think that's really just led to a culture where we really all feel like we're there for the benefit of our clients.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“We have a very strong commitment to an ownership mentality, and we think that owning a piece of the company is part of that. It's really just a small part of it in the grand scheme of things. It's more about thinking like an owner when we're making everyday decisions. But we do reinforce that by providing a grant of shares that vest in five years for every employee when they start. And then we have programs to allow for employees to purchase shares at a discount and also to be able to participate for certain roles in a long-term incentive program.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. But when the situation is more like using stock to fund the beginning years of the company, I think it ends up leading to a more diverse shareholder base.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“It's actually pretty big. It's about 80%. So it is just under 20% owned by management and directors. I think actually if you go public, there tends to be more of a concentration in owners holding founders.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. And the reason why that's so important is because we don't want to on a quarterly basis be essentially pressured in to focus on a shorter time period by people asking questions about a shorter time period. And we do think that the short time periods are noise. And so what we do instead is we hold a shareholder meeting or a management presentation for shareholders once a year where we do kind of take a step back and look at the year in review, our expectations going forward, and really try to lay out the strategy and how we are evolving in this ever-changing market.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“There's nothing we can do to avoid the fact that we need to publish our results every quarter. But there are actually things that a lot of public companies do that are not a requirement. For example, quarterly earnings calls and guidance. And so those are things that we don't participate in.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source
“So, yes, it has been a public company really since the founding because essentially there was an already public business that the founder of Diamond Hill kind of merged into or used as the beginning of Diamond Hill. So there was never a moment where the company went public. It's really just been a factoid of the whole history of the public.”
2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source