2 global thematics looking attractive now

At the recent investor presentation, Paul Moore, Chief Investment Officer at PM CAPITAL, identified two themes that they’ve been buying into recently. After falling around 60% from peak to trough, alternative investment managers are now offering double digits dividend yields. “When we did the valuation, it looked like [markets] were assuming no performance fees - forever.” The other theme he identified was casinos in Macau. After falling 60-80%, he thinks the Macau casinos are now at an inflection point. Both these ideas meet their requirements of simple businesses with simple ideas. “Once you’ve done the research, if you’ve done it properly, you’ll be able to write the investment thesis on the back on an envelope.”


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