Research from Superfluous Value, Superfluous Value

Superfluous Value

Stock selection has rarely been as important as it is today. After a roaring decade for US markets and with signs of mania everywhere, the S&P 500 as over-priced as it has ever been.

But, there is better way. Superfluous Value is a contrarian, deep-dive into the markets forgotten by the 60/40 instos and indexing, momentum chasers. Where the hot money has long moved on, it leaves behind investments offering great safety and prospective returns.

I believe the 2020s will look diametrically opposite to the recent past, with Emerging Markets, the UK, Japan and commodities set to rip and I intend to be holding the best opportunities available as they do.

Please feel free to come along on the journey.

Research from Superfluous Value

Contrarian Deep-Dive into the Markets

Equity Bottom-Up

<ul><li>It was the sort of year that may only come once in a career.</li><li>Almost everything worked as the markets finally looked beyond US tech to Asian holdcos, commodities and EM value.</li><li>The level of outperformance was particularly surprising given the AI bubble and crypto/meme silliness rage on and that I began the year with 24% cash.</li></ul>

It was the sort of year that may only come once in a career.Almost everything worked as the markets finally looked beyond US tech to Asian holdcos, commodities and EM value.The level of outperformance was particularly surprising given the AI bubble and crypto/meme silliness rage on and that I began the year with 24% cash.

S4 Capital

2025 Portfolio Review