Are today’s U.S. equity multiples justified? Brad Conger joined BNN Bloomberg’s The Open to talk about why we favor “non-tech compounders” over tech hyperscalers today. Defensive growth companies such as payment processors, credit rating agencies and Waste Management are currently trading at discount to the broad U.S. market despite having dominant market positions, strong franchises and the ability to increase margins over time. Brad also touched on European and Chinese equities, positing that their steep discount to the U.S. makes them attractive on risk/reward basis.

To hear more about our latest thinking, watch the full interview.