Paul Moore on ‘bottom-up’ thematic investing

Paul Moore of PM Capital says “usually there are only a few worthy investment ideas at any point in time. Finding a good idea is the hardest part. When we find a good investment idea we search the globe to see where else that idea may play out.” One global thematic idea stemming from fundamental research that PM Capital has been investing in over the past 12 years is global brewers. Paul says “Being a dominant brewer within a specific geography can be a wonderful business. Consistent demand and an ability to raise prices in line with inflation can create a cash machine (as there is no need to re-invest in fixed assets), and return on invested capital can be impressive. Producing the amber fluid can be like digging up gold.” For more on PM’s process and some of their best recent stock selections click the (VIEW LINK)