Value investors, I suspect, are born that way. It takes a particular type of person to be willing to stand out from the crowd, focus on the long term, and constantly be hunting for bargains. This week's guest on the podcast is precisely one of those people; Garry Laurence, Portfolio Manager of the Perpetual Global Shares Fund. Garry has been managing the Global Shares fund since inception in 2011 and was co-portfolio manager of the Asian Shares fund prior to that. In this week's episode, we'll discuss why value investing has struggled in recent years, the worst investment he ever made and what he learned from it, and one underappreciated attribute to look for when assessing an investment.
- 1:49 - What value investing really means
- 2:50 - On Buffett and Benjamin Graham
- 3:53 - Turning fear into opportunities
- 5:15 - Why value has underperformed
- 8:06 - Discount rates: lower for longer?
- 8:39 - The ABCs of a sustainable business
- 10:00 - Good businesses for the long term
- 11:40 - To trim, or not to trim
- 12:45 - Why alignment of interests is crucial
- 15:01 - A tasty, high-conviction investment
- 20:49 - On investor activism
- 23:54 - What's interesting Down Under
- 25:33 - What is not in your portfolio?
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