Wishlist Philip Matthews , who co-manages the
TB Wise Multi-Asset Income fund , says that if companies were valued equally , the wishlist would comprise strong pricing power , high margins , proportionately low employment costs , and near-unique business models boasting wide economic moats . “ The challenge you ’ ve got is these are the types of companies that have been re-rated massively over the last decade ,” he says . The tradeoff , therefore , is striking a balance between achieving quality and price , with discount rates closely correlated with rising bond yields . “ It ’ s been tricky because the valuation dispersion in the market
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