Metanomski: There are only a few places to find value in this market

Livewire Equities


The AFR released an interesting interview with Eric Metanomski – a well respected value investor and “master of the market.” On the question of finding value in today’s market Metanomski says “There are very few places to find ides. We're finding value in one-off situations the market is undervaluing. Recently we've been buying BSA Limited. We're actually having another look at Billabong. I think they've made up a lot of ground. Where I've spent most of my time in the past two weeks is actually on Woolworths. I think the board has done exactly the right thing [cutting Grant O'Brien loose]. The current senior management has been an absolute disaster and Coles has basically slaughtered them. We think Masters is terribly ill conceived. It's not going to be able to take on Bunnings – Bunnings is too entrenched, too popular. If Woolworths had the gumption to swallow their egos and close Masters down, take a $3-billion hit and then focus on the areas they are good at, that would be a start.” Full interview here (AFR subscribers) (VIEW LINK)

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