Where Conviction is Built: How Field Trips Shape our Search for Value

Fresh back from a trip to the southern US, we explain how years of field research have produced new ideas and a deeper understanding of business models, value drivers and investment risk. Seeing a business in operation brings to life what the numbers only describe. Going on site also means talking beyond the ones shaping the narrative, and taking the time to understand management's vision and the company's culture. In the age of AI, these first-hand insights are harder to replicate, and remain a vital component in the search for underappreciated businesses.