Jacob Mitchell

Jacob
Mitchell

Chief Investment Officer
Antipodes Partners

Jacob Mitchell found Antipodes Partners in 2015, aiming to take advantage of the market’s tendency for irrational extrapolation, identify investments that offer a high margin of safety and build portfolios with a capital preservation focus.

Expertise

Outlook 2018: Developed markets looking expensive

Jacob Mitchell

The year of 2017 was the year of the structural winner, with the market led higher by the digital platform “FAAMNGS” (the acronym keeps extending as the list of perceived winners broadens) and the stylistic domination of Growth. Disruption was never more topical with nothing appearing more disruptive than crypto-currency... Show More

Office Depot holding on to ‘offline’ market

Jacob Mitchell

Though the U.S. office supplies market has consolidated down to Staples and Office Depot (ODP), many investors consider these two extremely dominant businesses dinosaurs facing extinction by Amazon. We beg to differ, with ODP a top ten holding. Show More

The Million Euro question facing the EU

Jacob Mitchell

Following the Macron victory, Sunny Bangia, Deputy PM at Antipodes Partners, has provided this analysis for the road ahead for the EU. With the election of Emmanuel Macron to France’s highest office, the European Union (EU) now stands at a crossroads. As a monetary union with structurally different economies, the... Show More

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Baidu: Well placed and well priced

Jacob Mitchell

Baidu, the dominant search engine and “Google” of China, has been a foundation holding at Antipodes Partners. We originally featured the business in our September 2015 Quarterly Report and later expanded the investment case via our Blog in December 2015. Every stock in the Antipodes Partners Funds undergoes ongoing testing... Show More

What do French elections mean for markets?

Jacob Mitchell

The French Presidential elections (final round run-off will be 7 May) and Legislative elections (11 and 18th June) remain the last of the major Eurozone political events for the year in that the outcome of the German elections (24th September), dare we say, seem far less important given the likely... Show More

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ING Groep – A leader in Digital Disruption

Jacob Mitchell

The one constant in global markets is change and since the 2008 financial crisis, the financial sector has faced no shortage of challenges with many banks stuck in a quagmire of poor regulatory and operating outcomes – whilst many sectors have benefited from low rates, the associated margin pressure has... Show More

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Politics Strikes Again – TrExit

Jacob Mitchell

Four months ago we sat in amazement as the results of the Brexit referendum were tallied. A strong sense of Deja vu hangs in the air as the tally in today’s US Presidential Election rolls in. Current projections are again a reminder as to how quickly the political landscape has... Show More

Longform Trump

The perils of the low rate world

Jacob Mitchell

Generational low interest rates are symptomatic of lower growth and inflation, made acute by central banks reacting to structural factors such as ageing populations, integration of savings rich economies into the world economy, offshoring and more recently deleveraging and excess export capacity. Increasingly, there is mounting evidence that distortions are... Show More

Shorting the over-hyped tech 'disruptors'

Jacob Mitchell

A key change across the Antipodes Partners’ Funds over the quarter has been a broadening of the technology cluster to take advantage of observed valuation dispersion. Similar to the technology bubble and subsequent “tech wreck” at the turn of the century, the market’s focus has narrowed around higher growth “winners”... Show More

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Now that’s a commodity dividend!

Jacob Mitchell

Last night Norway’s Krone surged as the Norges Bank refrained from cutting interest rates. In his February address to the Norges Bank Supervisory Council, Governor Oeystein Olsen warned, in Games of Thrones style, that “winter is coming”. Speaking yesterday he noted that “Perhaps winter will be a little milder than... Show More

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Antipodes LIC exceeds $220m milestone, now accepting over-subscriptions

Jacob Mitchell

Antipodes Global Investment Company Limited (ASX:APL) yesterday exceeded $220 million in subscriptions, the maximum proceeds under the offer (before oversubscriptions). The Listed Investment Company (LIC) has confirmed that it will accept up to a further $110 million in oversubscriptions. APL’s Broker Firm Offer is expected to close this Friday, 23... Show More

ASX:PTM ASX:MFF ASX:PGF ASX:APL

Antipodes IPO: Global exposure with less risk

Jacob Mitchell

The initial public offering for Antipodes Global Investment Company Limited (ASX:APL) opens today. The LIC provides investors with access to an actively managed global equities portfolio in the convenience of an ASX listed vehicle. The portfolio will be predominantly comprised of long and short positions in international listed securities and... Show More

Market Commentary - May 2016

Jacob Mitchell

Global equity markets rose 0.1% (USD terms) during May, with ongoing resilience in the United States economy driving gains in the U.S. market (+1.8%) against a backdrop of renewed weakness in non-Asia emerging markets (-9.2%). Show More

The Global Corporate Debt Unwind

Jacob Mitchell

The extreme thirst for yield has pushed the US high yield (non-investment grade corporate Show More

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Korea: the Bermuda triangle of value investing?

Jacob Mitchell

South Korea is increasingly viewed as the “Bermuda Triangle” of financial markets. Value investors have in recent times been swallowed up by a market that has retreated to levels not seen since the Global Financial Crisis. The lure of low starting valuations have been overwhelmed by the usual chorus of... Show More

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High Yield Debt. Contagion Looming?

Jacob Mitchell

The vast majority of financial crises have been preceded by the rapid accumulation of debt. For recent examples, we need only look back to the sub-prime housing crisis in the United States and European sovereign debt crisis. Perhaps the defining characteristics of the current cycle are the rapid build-up in... Show More

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Forget China’s macro outlook, we like ‘China’s Google’ Baidu

Jacob Mitchell

You can fret over China’s macro outlook, but that’s become an excuse to not own cheap companies like China’s leading search engine, Baidu. Show More

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Panic on slowing Chinese growth blinding investors to less obvious opportunities and risks

Jacob Mitchell

Don’t confuse momentum with value, or low volatility with quality. Show More

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